CMON Limited - Annual Report 2020

SHENYANG PUBLIC UTILITY HOLDINGS COMPANY LIMITED 瀋陽公用發展股份有限公司

(a joint stock limited company incorporated in the People’s Republic of China) (在中華人民共和國註冊成立之股份有限公司)

Stock Code 股份代號 : 747

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Annual Report 年度報告

Contents 目錄

2 Corporate Information 公司資料
4 Chairman’s Statement 主席報告
7 Management Discussion and Analysis 管理層討論與分析
22 Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹
29 Report of the Supervisory Committee 監事會報告
31 Report of the Directors 董事會報告
40 Corporate Governance Report 企業管治報告
52 Independent Auditor’s Report 獨立核數師報告
61 Consolidated Statement of Profit or Loss 綜合損益表
63 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表
64 Consolidated Statement of Financial Position 綜合財務狀況表
66 Consolidated Statement of Changes in Equity 綜合權益變動表
69 Consolidated Statement of Cash Flows 綜合現金流量表
71 Notes to the Consolidated Financial Statements 綜合財務報表附註
264 Financial Summary 財務摘要
266 Particulars of the Investment Property 投資物業詳情
267 Glossary 專用詞彙

The translation into Chinese language of this annual report is for reference only. In case of any inconsistency, the English version shall prevail. 本年報之中文譯本只供參考，如有任何爭議，均以英文本為準。

Corporate Information 公司資料

DIRECTORS

Executive Directors

Mr. Zhang Jing Ming (Chairman) Mr. Leng Xiao Rong Mr. Chau Ting Yan

Non-executive Directors

Mr. Ye Zhi E Mr. Yin Zong Chen

Independent Non-executive Directors

Mr. Chan Ming Sun Jonathan (resigned on 12 November 2020) Ms. Gao Hong Hong Mr. Guo Lu Jin Mr. Luo Zhuo Qiang (appointed on 12 November 2020)

CHIEF EXECUTIVE OFFICER

Mr. Huang Chunfeng

AUDIT COMMITTEE

Mr. Luo Zhuo Qiang (Chairman) (appointed on 12 November 2020) Mr. Chan Ming Sun Jonathan (Chairman) (resigned on 12 November 2020) Mr. Yin Zong Chen Ms. Gao Hong Hong

REMUNERATION COMMITTEE

Mr. Guo Lu Jin (Chairman) Mr. Chan Ming Sun Jonathan (resigned on 12 November 2020) Mr. Luo Zhuo Qiang (appointed on 12 November 2020) Mr. Ye Zhi E

NOMINATION COMMITTEE

Mr. Zhang Jing Ming (Chairman) Ms. Gao Hong Hong Mr. Guo Lu Jin

SUPERVISORS

Mr. Wang Xing Ye (Chairman) Mr. Chen Jun Feng Mr. Zhang Yun Feng

Ms. Huang Yong Jing (resigned on 11 February 2021)

Mr. Zheng Ze Jian (appointed on 11 February 2021) Mr. Fang Wei Ran

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董事執行董事張敬明先生（主席）冷小榮先生周霆欣先生

非執行董事葉智鍔先生尹宗臣先生

獨立非執行董事

陳銘燊先生（於2020年11月12日辭任）高紅紅女士郭魯晉先生羅卓強先生（於2020年11月12日獲委任）

行政總裁黃春鋒先生

審核委員會羅卓強先生（主席）（於2020年11月12日獲委任）陳銘燊先生（主席）（於2020年 11月12日辭任）尹宗臣先生高紅紅女士

薪酬委員會郭魯晉先生（主席）陳銘燊先生（於2020年11月12日辭任）羅卓強先生（於2020年11月12日獲委任）葉智鍔先生

提名委員會張敬明先生（主席）高紅紅女士郭魯晉先生

監事王興業先生（主席）陳俊峰先生張運峰先生黃永菁女士（於2021年2月11日辭任）鄭澤健先生（於2021年2月11日獲委任）方偉然先生

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Information 公司資料

REGISTERED OFFICE

No. 1–4, 20A, Central Street, Shenyang Economic and Technological Development Zone, People’s Republic of China

BUSINESS PREMISE

Room 2-12-5 Diwang Club Apartment 19 Wenyi Road Shenhe District, Shenyang People’s Republic of China

JOINT COMPANY SECRETARIES

Ms. Qian Fang Fang Mr. Tung Sze Ho Dicky (resigned on 1 September 2020) Mr. Chung Man Wai, Stephen (appointed on 8 September 2020)

AUTHORISED REPRESENTATIVES

Mr. Zhang Jing Ming Mr. Tung Sze Ho Dicky (resigned on 1 September 2020) Mr. Chung Man Wai, Stephen (appointed on 8 September 2020)

AUDITOR

Asian Alliance (HK) CPA Limited

H SHARE REGISTRAR AND TRANSFER OFFICE

Hong Kong Registrars Limited Rooms 1712–16, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong

PRINCIPAL BANKERS

China Merchants Bank Bank of China Industrial and Commercial Bank of China China Construction Bank

STOCK CODE

747

WEBSITE

www.shenyang747.com

註冊辦事處中華人民共和國瀋陽經濟技術開發區中央大街20甲1–4號

經營地點

中華人民共和國瀋陽市沈和區文藝路19號地王俱樂部公寓 B座2-12-5室

聯席公司秘書錢芳芳女士董思浩先生（於2020年9月1日辭任）鍾文偉先生（於2020年9月8日獲委任）

授權代表

張敬明先生董思浩先生（於2020年9月1日辭任）鍾文偉先生（於2020年9月8日獲委任）

核數師華融（香港）會計師事務所有限公司

H 股份過戶登記處香港證券登記有限公司香港灣仔皇后大道東183號合和中心 17樓1712–16室

主要往來銀行招商銀行中國銀行工商銀行建設銀行

股份代號 747

網址

www.shenyang747.com

2020年報 瀋陽公用發展股份有限公司

Chairman’s Statement 主席報告

Dear Shareholders,

On behalf of the Board of Shenyang Public Utility Holdings Company Limited, I am pleased to present the audited consolidated results of the Company and its subsidiaries for the year ended 31 December 2020.

2020 has been a challenging year. The global outbreak of Covid-19 and the world economic recession have hit China with unprecedented impact on economy and social development. Domestic enterprises confronted a range of challenges in their development and business. In the face of adversity, the Group had strived to seek progress in stability and forged ahead, so as to keep calm and rational in the hostile environment and seek steady development.

BUSINESS REVIEW

In September 2020, Zhongfang Chaozhou completed the acceptance and delivery of 12.3-mu K-Line Road in the Jin Nan Industrial Park Project, recording a revenue of RMB6,624,000.

During the 2020 Financial Year, due to the impact of many factors such as the pandemic, the personnel changes of Jinshan Company and related departments, and the historical problems left by the park, the settlement of the main portion of Zhongfang Chaozhou Jin Nan Industrial Park Project failed to complete on time. Up to now, in accordance with the First Phase Settlement Review Report – Adjustment Draft on Shenzhen (Chaozhou) Industry Park for Industrial Transfer, Jingnan Branch, Zhongfang Chaozhou is actively discussing with Jinshan Company, the Management Committee and the third-party review agency on the adjusted project volumes and amounts. Zhongfang Chaozhou will urge the construction party to provide supplementary information in April 2021. It is expected that a feedback draft of the settlement review report issued by a third-party review agency will be obtained before June 2021. The Group will still spare no effort to maintain smooth and effective communication with all parties, striving to complete the settlement work of the main portion of Jin Nan Industrial Park in 2021.

During the 2020 Financial Year, Zhongfang Chaozhou has completed the construction of the extension sections of the Chaoshang Road, Xinwang Road and Huoju Road in Four Roads and One Slope of the ancillary works of the Zhongfang Chaozhou Jin Nan Industrial Park Project. In January 2021, Zhongfang Chaozhou completed the acceptance of the extension sections of the Chaoshang Road, Xinwang Road and Huoju Road and LS temporary drainage works. Jinshan Company agreed to repurchase the ancillary works in March 2021. Xinxing Road within Four Roads and One Slope is expected to complete the construction and acceptance in 2021.

尊敬的各位股東：

本人謹代表瀋陽公用發展股份有限公司董事會，欣然向全體股東報告本公司及其附屬公司截至2020年12月31日止年度的經審核綜合業績。

2020年是充滿挑戰的一年。新冠疫情在全球暴發，世界經濟衰退，對中國經濟社會發展帶來前所未有的衝擊。國內企業發展面臨一定困境，經營難度加大。面對困境，本集團貫切穩中求進的精神，砥礪前行，力求在逆境中保持冷靜、理性，尋求穩步發展。

業務回顧及分析

於2020年9月，中房潮州完成了徑南工業園區項目12.3畝K綫道路的驗收交付，錄得收入人民幣6,624,000元。

2020 年財政年度，由於受到疫情、金山公司及相關部門人事變動、園區歷史遺留問題等諸多因素的影響，中房潮州徑南工業園項目主體工程結算工作未能按時完成。截至目前，中房潮州根據《深圳（潮州）產業轉移工業園徑南分園首期結算評審的報告－調整稿》，就調整的工程量和金額正在積極與金山公司、管委會及第三方審核機構進行研討。中房潮州將於2021年4月敦促施工方一起提供補充資料，預計2021年6月前將會獲得第三方審核機構出具的結算評審報告反饋稿。本集團仍將不遺餘力地與各方保持暢通有效的溝通，爭取在2021年完成徑南工業園主體工程的結算工作。

2020 年財政年度，中房潮州完成了中房潮州徑南工業園項目附屬工程四路一坡中潮商路、新旺路及火炬路延長段的施工。2021年 1月，中房潮州完成了潮商路、新旺路、火炬路延長段及LS臨時排水工程的驗收，金山公司於2021年3月同意回購此附屬工程。四路一坡中的新興路預計將於2021年完成施工及驗收。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Chairman’s Statement 主席報告

The Group has gradually reduced the scale of its credit business since 2017. The Group has sold Shenwu Investment and Chung Hwa Finance in the 2020 Financial Year to protect the Company’s interests to the maximum extent. Since then, the Group has ceased to operate credit business.

The Group’s property investment business is located in the cities of Guangzhou, Beijing and Sanhe. As the Group’s existing properties have not yet been fully operated, revenue from property leasing of RMB384,000 has been recorded during the 2020 Financial Year.

During the 2020 Financial Year, the Company has acquired 60% equity interest of Shennongjia Hotel. The Company plans to build a high-end hotel with a construction area of approximately 48,000 square meters in Ping Qian Ancient Town, Da Jiu Hu, Shennongjia, which is expected to start operations in 2024.

The Group will continue to look for potential property investment opportunities. Through rationally allocating resources, the Group will accelerate the construction and operation of existing properties, thus achieving profitability as soon as possible.

COMPREHENSIVE DEVELOPMENT

In 2020, in the face of challenges in all aspects, the Group has always uphold the act of seeking progress in a stable manner to safeguard the interests of shareholders. During the year, the Company adjusted its investment projects in accordance with the current economic conditions and overall development strategy, including the disposal of part of its equity interest in Chaozhou Rural Commercial Bank Co., Ltd., the cancellation of acquisition of 78% equity interest in San He Jing Jiao, and the resumption of the transaction in relation to acquisition of 11 stores and 60 parking spaces. According to the operating conditions of each subsidiary and the strategic direction of the Company, the Company sold 100% equity interest in Shen Wu Investment and terminated the credit business and securities investment business. While streamlining the Company’s business, the Company acquired 60% equity interest of Shennongjia Hotel in accordance with the Company’s development strategy. The Group will strictly monitor various existing investment projects, enhancing its comprehensive capabilities.

本集團自2017年以來逐步縮減信貸業務規模。本集團已於 2020 年財政年度出售了沈物投資連同中華信貸，以最大程度的保障公司利益。自此，本集團不再經營信貸業務。

本集團物業投資業務分布於廣州、北京及三河等城市。由於集團現有物業尚未全部運營，2020年財政年度錄得物業租賃收入人民幣384,000元。

2020年財政年度，本集團收購了神農架賓館 60%股權，計劃在神農架大九湖坪阡古鎮興建建築面積約為48,000平方米的高檔酒店，預計於2024年開始運營。

本集團仍會繼續物色有潛力的物業投資機會，合理配置資源，加快推動現有物業的建設與運營，儘早實現盈利。

綜合發展

2020年面對各方面挑戰，集團始終秉持穩中求進的發展方向，保障廣大股東利益。於本年度，公司根據目前經濟狀況及整體發展戰略，調整投資項目，包括出售部分潮州農村商業銀行股份有限公司股權，取消三河京郊 78%股權交易，及恢復收購11個商鋪及60個停車位的交易；根據各子公司運營情況和公司策略方針，出售沈物投資100%股權，終止信貸業務及證券投資業務；在精簡公司業務的同時，根據公司發展戰略，收購神農架賓館60%股權。本集團將嚴格把控目前各類投資項目，提高集團綜合實力。

2020年報 瀋陽公用發展股份有限公司

Chairman’s Statement 主席報告

RISK MANAGEMENT

During the year, the Group engaged CT Consultants Limited to find out how the internal procedures were implemented, and reviewed the related policies and processes, through discussions with the management. The Group will take appropriate actions pursuant to the Internal Control Review Report. If any significant deficiencies or weaknesses in the internal control procedures are identified, improvements will be made to rectify the weaken areas, so as to further improve its internal risk management and replicate them to all departments and subsidiaries for better risk management awareness of each employee.

FUTURE PROSPECTS

As the Covid-19 pandemic hits the world, the world political and economic landscape has changed, bringing profound impact and serious challenges to the community of human destiny. In the face of the intricate domestic and international environment, China’s economy still shows its strong resilience and vitality, with aggregate indicators recovering and structural optimization continuing to deepen, and beginning to establish a “dual circulation” development pattern in which domestic economic cycle plays a leading role while international economic cycle remains its extension and supplement. While proactively exploring projects with more development prospects and stable income to enrich its main business, the Group will strive to follow the government in national development, take active steps to cope with challenges, stabilize its foundation and keep its feet on the ground, so as to enhance the overall comprehensive capabilities of the Group.

Finally, on behalf of the Board, I would like to express my gratitude to all the Shareholders, business partners and all employees for their support. In the face of adversity, I believe we will be able to overcome difficulties and move towards success together!

Zhang Jing Ming Chairman

31 March 2021

風險管理

於本年度，本集團聘請思天顧問有限公司通過與管理層討論，瞭解內部程序之執行，並審閱相關政策和流程等。本集團將根據《內部監控審閱報告》採取合適行動，如發現內部監控程序有重大缺失或弱點，將會對薄弱環節進行改進，進一步完善公司內部風險管理，並落實到各部門及子公司，提高每一位員工的風險管理意識。

前景展望

新冠疫情衝擊全球，世界政治經濟格局發生變化，給人類命運共同體帶來深刻影響和嚴峻挑戰。面對錯綜複雜的國內外環境，我國經濟仍凸顯出強大的韌性與活力，總量指標不斷恢復、結構優化持續深入，開始打造以國內大循環為主體、國內國際雙循環相互促進的新發展格局。本集團將努力跟隨國家發展的腳步，積極應對挑戰，穩定根基，腳踏實地，同時積極開拓更具發展前景及穩定收益的項目，豐富主營業務，以提高集團整體綜合實力。

最後，本人謹代表董事會，向全體股東、合作夥伴及全體員工給予的支持和努力表示衷心的感謝，面對逆境，我相信我們一定能克服困難，邁向成功！

張敬明

主席

2021年3月31日

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

FINANCIAL REVIEW

The revenue of the Group for the 2020 Financial Year amounted to RMB7,008,000 (the comparative figures for 2019 Corresponding Period: RMB22,023,000), representing a significant decrease of approximately 68.18% as compared with the 2019 Corresponding Period. The substantial decrease in revenue is mainly due to the impact of the Covid-19 on China’s economy has delayed investment, construction and acceptance of infrastructure construction in China. This lead to a decrease in the revenue generated from the construction of infrastructure and the development of properties in the PRC.

During the 2020 Financial Year, the Group has completed the acceptance and transfer procedures of 12.3-mu K-line Road of Zhongfang Chaozhou Jing Nan Industrial Park Project and recorded the revenue for 2020 Financial Year of RMB6,624,000 (2019 Corresponding Period: RMB21,893,000). Zhongfang Chaozhou has completed the procedures for acceptance of completion and transfer of accumulated 4,012.3-mu construction land, including the acceptance and repurchase of the K-Line Road, and 38.63-mu slope stabilization works. The revenue for credit business was unrecorded by the Group for the 2020 Financial Year (2019 Corresponding Period: RMB4,537,000). The revenue for credit business decreased by 100% as compared with that for the 2019 Corresponding Period. Furthermore, the Group also recognised revenue of RMB384,000 from the property leasing business (2019 Corresponding Period: RMB130,000) increasing significantly by approximately 195.38% as compared with that for the 2019 Corresponding Period.

Loss before tax of the Group for the 2020 Financial Year amounted to RMB37,882,000 comparing with loss of RMB90,621,000 for the 2019 Corresponding Period.

The Group recorded an impairment loss on the expected credit loss model as at 31 December 2020, mainly from the receivable in relation to disposal of 66.67% of the equity interest in SHHH Development and the shareholder’s loan. The disposal was completed on 15 November 2020. Affected by poor operation and the pandemic, the buyer, Shenzhen Hongxun Investment Development Company Limited (“ Hongxun Investment “), failed to make payment as scheduled and has issued a notice for deferred payment. The management considered there is a significant change in the credit risk of Hongxun Investment and an impairment of approximately RMB9,988,000 was recognised.

財務回顧

本集團於 2020 年財政年度的收益為人民幣 7,008,000元（2019年同期可比數字：人民幣 22,023,000元），較2019年同期大幅減少約 68.18%。收益大幅下降主要是由於2019冠狀病毒對中國經濟影響，使得中國基礎設施建設投資、施工、驗收延後。這導致中國基礎設施建設及物業發展所產生之收益降低。

於 2020 年財政年度，本集團完成中房潮州徑南工業園項目 12.3 畝 K 線道路的驗收交付工作，並於 2020 年財政年度確認收益人民幣 6,624,000 元（ 2019 年同期：人民幣 21,893,000元）。中房潮州已累計完成4,012.3 畝建設用地（包含已驗收回購的K線道路）以及38.63畝斜坡鞏固工程的驗收交付工作。於2020年財政年度，本集團未錄得信貸業務收入（2019年同期：人民幣4,537,000元）。信貸業務收入較2019年同期減少100%。此外，本集團亦確認物業租賃業務收入人民幣384,000元（2019年同期：人民幣130,000 元），較2019年同期大幅增加約195.38%。

本集團於2020年財政年度的除稅前虧損為人民幣37,882,000元，而2019年同期虧損為人民幣90,621,000元。

本集團於2020年12月31日在預期信貸虧損模型方面錄得減值虧損，主要源於出售合輝煌發展66.67%股權及股東貸款之交易的相關應收款項。出售事項於2020年11月15日完成，因經營不善及疫情關係的影響，買方深圳市鴻訊投資發展有限公司（「鴻訊投資」）未能如期付款，並且發出通知要求延期支付，管理層認為鴻訊投資的信用風險發生了重大變化，確認減值準備約人民幣9,988,000元。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

As a way to reallocate resources to develop the project invested by Shennongjia Hotel, the Group decided not to make further investment into Guangdong Xinmao and Chaozhou Jiafu and is exploring ways to realise their investments in Guangdong Xinmao and Chaozhou Jiafu.

The Group assessed that the fair values less costs of disposals of the construction in progress holds by Guangdong Xinmao and Chaozhou Jiafu are higher than their carrying amounts. An impairment loss on property, plant and equipment with approximately RMB36,380,000 was recognised during the 2020 Financial Year.

Income Tax Expenses

Income tax expenses of the Group for the 2020 Financial Year amounted to RMB96,000, representing an increase of approximately 6.67% as compared with RMB90,000 for the 2019 Corresponding Period. The increase in income tax expenses was mainly attributable to the increase in income from property leasing.

Loss Per Share

The basic and diluted loss per Share attributable to owners of the Company during the 2020 Financial Year from continuing operations and discontinued operations were approximately RMB2.70 cents representing a decrease of approximately 55.45% as compared with the loss per Share for the 2019 Corresponding Period of RMB6.06 cents.

為了重新調配資源開發神農架賓館投資的項目，本集團決定不進一步投資於廣東鑫茂及潮州佳富，並正在探討如何對其於廣東鑫茂及潮州佳富的投資予以變現。

本集團評估，廣東鑫茂及潮州佳富持有的在建工程公允價值減出售成本高於其賬面金額。於2020年財政年度，已重新確認約有人民幣36,380,000元的物業、廠房及設備減值虧損。

所得稅開支

本集團於2020年財政年度的所得稅開支為人民幣96,000元，較2019年同期人民幣90,000 元增加約6.67%。所得稅開支增加主要是由於租賃業務收入增加所致。

每股虧損

於2020年財政年度內，本公司擁有人應佔持續經營業務及已終止經營業務的每股基本及攤薄虧損約為人民幣2.70分，較2019年度同期每股虧損人民幣6.06分減少約55.45%。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

BUSINESS REVIEW

Infrastructure Construction Business

During the 2020 Financial Year, the Group has completed the acceptance and transfer procedures of the 12.3-mu K-line Road of Zhongfang Chaozhou Jing Nan Industrial Park Project (2019 Corresponding Period: 38.63-mu slope stabilization project) and recorded the revenue of RMB6,624,000 (2019 Corresponding Period: RMB21,893,000). The settlement of the main portion of Chaozhou Jing Nan Industrial Park Project could not be completed in the 2020 Financial Year due to the impact of Covid-19. The completion of acceptance of the Chaoshang Road, Xinwang Road, Huoju Road and LS temporary drainage works (“ Three Roads and One Drainage Project ”) were delayed to 26 January 2021 due to problems with the land registration procedures for the Huoju Road extension portion and personnel changes of the relevant persons in charge. On 24 March 2021, Chaozhou Jinshan agreed to repurchase the Three Roads and One Drainage Project.

The Group will still actively maintain smooth and effective communication with Chaozhou Jinshan and all relevant institutions and spare no effort to facilitate the settlement and delivery of the remaining construction land as soon as possible.

Credit Business

Following the capital reduction in Chung Hwa Finance for the financial year ended 31 December 2017, the Group gradually rationalised the credit business in Hong Kong and terminated the money lending licence in Hong Kong in September 2018. During the 2020 Financial Year, the Group has not recorded revenue for the credit business (2019 Corresponding Period: RMB4,537,000). In December 2020, the Group is disposing the equity interest in Shen Wu Investment and its subsidiaries (including Chung Hwa Finance), and the transaction has not been completed. The credit business was discontinued during the 2020 Financial Year.

Property Investment Business

During the 2020 Financial Year, The Group further developed its property investment business by completing the acquisition of 125 properties in Fangshan, Beijing, promoting the transaction of acquisition of 11 retail units and 60 car parking spaces in Tianzi Zhuangyuan Phase 5 in Hebei and acquiring 60% equity interest of Shennongjia Hotel. The Group recorded a rental income of RMB384,000 in the 2020 Financial Year (the same period in 2019: RMB130,000). The Group will focus on the operation of existing property projects while actively identify potential property investment projects.

業務回顧

基礎設施建設業務

於2020年財政年度，本集團已完成中房潮州徑南工業園項目12.3畝K線道路（2019年同期：38.63畝斜坡鞏固工程）驗收交付手續，錄得收益人民幣6,624,000元（2019年同期：人民幣21,893,000元）。中房潮州徑南工業園項目主體工程的結算工作由於受2019冠狀病毒影響未能於2020年財政年度完成。潮商路、新旺路、火炬路及LS臨時排水工程（「三路一排工程」）因火炬路擴建部分土地登記程序問題及相關負責人發生人事變動而延遲至 2021年1月26日完成驗收。2021年3月24日潮州金山同意回購三路一排工程。

本集團仍將積極與潮州金山及各相關機構保持暢通有效的溝通，不遺餘力地促進結算及剩餘建設用地的交付工作盡快完成。

信貸業務

截至2017年12月31日止財政年度完成中華信貸減資後，本集團逐步精簡香港的信貸業務，並於2018年9月終止香港持牌放債人的資格。於2020年財政年度，本集團未錄得信貸業務收入（2019年同期：人民幣4,537,000 元）。於2020年12月，本集團出售沈物投資及其附屬公司（包括中華信貸）股權，交易尚未完成。信貸業務於2020年財政年度不再作為公司的主營業務。

物業投資業務

於2020年財政年度，本集團進一步發展物業投資業務，完成了北京房山125套物業的收購，推動收購河北天子莊園五期11個商鋪單位連同60個停車位的交易並收購神農架賓館 60%股權。2020年財政年度本集團錄得租金收益人民幣384,000元（2019年同期：人民幣 130,000元）。本集團將用心經營現有物業項目，同時積極物色有潛力物業投資項目。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

BUSINESS PROSPECTS

The global economy was severely hit by the pandemic of Covid-19 in fiscal year 2020. With the gradual spread of the vaccine injection, the global economy is expected to recover steadily in 2021. However, China will face a more complex and severe international situation, and various economic uncertainties still exist. The Group will continue to firmly pursue its goal of steady development and promote existing infrastructure projects while actively responding to national policies and exploring other infrastructure projects with potential; at the same time, it will integrate the Group’s resources to promote the construction and operation of various property projects to achieve profitability as soon as possible. Moreover, the Board will continue its effort in exploring diversified investment opportunities and upgrading the Group’s market competitiveness.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 December 2020, the Group’s total assets amounted to RMB898,130,000 (2019: RMB996,411,000), representing a decrease of 9.86%. Non-current assets and current assets as at 31 December 2020 were RMB513,724,000 (2019: RMB451,327,000) and RMB384,406,000 (2019: RMB545,084,000) respectively. The assets were financed by current liabilities of RMB213,401,000 (2019: RMB188,634,000) and Shareholders’ fund of RMB678,036,000 (2019: RMB718,925,000).

With a prudent financial management policy and a solid financial position, the working capital of the Group is usually financed by its internally generated resources. As at 31 December 2020, the Group had net current assets of approximately RMB171,005,000 (31 December 2019: RMB356,450,000), including cash and cash equivalents of RMB2,343,000 (31 December 2019: RMB7,627,000).

As at 31 December 2020, the Group has no bank borrowings. The Group’s current ratio (current assets/current liabilities) was 1.8 times (2019: 2.89 times) and gearing ratio (total liabilities/total assets) was 0.24 times (2019: 0.19 times).

業務展望

2020年財政年度受疫情影響，全球經濟受到嚴重衝擊。隨著疫苗的逐步使用，預計2021 年全球經濟會穩健復甦，但是中國將面臨著更加複雜嚴峻的國際形勢，經濟依然存在各項不確定性。本集團將繼續堅定穩中求進的發展目標，在推動現有基礎設施建設項目的同時，積極相應國家政策，挖掘其他有潛力的基礎設施建設項目；同時整合集團各項資源，推進各物業項目的建設及運營以盡快實現盈利。此外，董事會將繼續致力於開拓不同的投資機遇及提升本集團的市場競爭力。

流動資金與財務資源

於 2020 年 12 月 31 日，本集團的資產總值為人民幣 898,130,000 元（ 2019 年：人民幣 996,411,000 元），減少 9.86% 。於 2020 年12月31日，非流動資產及流動資產分別為人民幣 513,724,000 元（ 2019 年：人民幣 451,327,000 元）及人民幣 384,406,000 元（2019年：人民幣545,084,000元）。資產以流動負債人民幣 213,401,000 元（ 2019 年：人民幣 188,634,000 元）及股東資金人民幣 678,036,000元（2019年：人民幣718,925,000 元）撥付。

本集團遵循審慎財務管理政策以及擁有良好的財務狀況，一般以內部產生之資源作為營運資金。2020年12月31日，本集團擁有流動資產淨值約人民幣171,005,000元（2019年12 月31日：人民幣356,450,000元），其中包括現金及現金等價物人民幣2,343,000元（2019 年12月31日：人民幣7,627,000元）。

於2020年12月31日，本集團並無銀行貸款。本集團的流動比率（流動資產╱流動負債）為 1.8倍（2019年：2.89倍）及資產負債比率（總負債╱總資產）為0.24倍（2019年：0.19倍）。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATES

Pre-acquisition of property in Beijing PRC

On 15 November 2016, Beijing Shen Shang, being the subscriber entered into the pre-acquisition agreement with Beijing Zhong Tou, pursuant to which Beijing Zhong Tou agreed to sell and Beijing Shen Shang agreed to acquire a property at a total consideration of RMB152,800,000. The property is a commercial premise with the construction area of 2,800 sq.m. (with the right to use 5,000 sq.m. of car parks at the basement level two of the Beijing International Zone Convention Centre 北京會展國際港展館 (the “ Convention Centre ”)), being part of Phase 3 of the ancillary facility project of the Convention Center to be constructed in Beijing Shunyi District Tianzhu Airport Commercial Zone 北京市順義區天竺空港商務區 (the “ Beijing Property ”). Please refer to the announcement of the Company dated 15 November 2016 for details.

On 26 March 2018, Beijing Shen Shang and Beijing Zhong Tou entered into a supplemental agreement in relation to the preacquisition agreement to postpone the date of the acceptance and transfer of the Beijing Property to 31 December 2019. The pre-sale permit for the project has been obtained on 17 August 2018.

However, due to multiple factors, including the 70th anniversary of the National Day, important meetings and the haze days, the construction was suspended at the request of the government, resulting in the postponement of completion. Coupling with the impact of the pandemic in 2020, the progress of the subsequent construction has been affected, and as a result the completion of construction and the delivery of the Beijing Property has not yet been completed.

On 20 May 2020, Beijing Shen Shang and Beijing Zhong Tou entered into a supplemental agreement to further postpone the date of the completion of construction and the delivery of the Beijing Property to 30 June 2021 due to the outbreak of the Pandemic and Beijing Shen Shang agreed to exempt the penalty of Beijing Zhong Tou for the delay of the completion of construction. Due to the pandemic and lockdown, the Group consider that there is further delay in completion of construction and expect the acquisition will be completed on or before 30 June 2022.

As at the date of this report, the transaction is still in progress.

重大收購及出售附屬及聯營公司

預購於中國北京的物業

於2016年11月15日，北京瀋商（即認購方）與北京中投訂立預購協議，據此，北京中投同意出售及北京瀋商同意收購物業，總代價為人民幣152,800,000元。物業為建築面積 2,800平方米並有權使用北京會展國際港展館（「會展中心」）地下負二層5,000平方米停車場之商用物業，即位於北京市順義區天竺空港商務區將興建的會展中心配套設施項目3期的一部分（「北京物業」）。有關詳情載於本公司日期為2016年11月15日的公告。

於2018年3月26日，北京瀋商與北京中投就預購協議訂立補充協議以推遲北京物業驗收交付日期至2019年12月31日。該項目已於 2018年8月17日取得預售許可證。

然而，由於國慶 70 週年、重大會議及霧霾天等多重因素影響，工程應政府要求暫停施工，導致延長竣工。加上2020年疫情影響，其後工程進程受阻，導致北京物業仍未竣工交付。

於2020年5月20日，由於爆發疫情，北京瀋商與北京中投訂立補充協議，將北京物業的竣工交付日期進一步推遲至2021年6月30 日，而北京瀋商同意豁免北京中投延遲竣工的罰款。由於疫情及封城，本集團認為建設完成時間將進一步延遲，並預期收購事項將於2022年6月30日或之前完成。

於本報告日期，該交易仍在進行當中。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Adjustment to the transaction model of acquisition of properties in Hebei Province

On 9 February 2018 (after trading hours), Beijing Shen Shang and San He Jing Jiao entered into an agreement (the “ Property Acquisition Agreement ”) pursuant to which San He Jing Jiao has conditionally agreed to sell, and Beijing Shen Shang has conditionally agreed to acquire, the properties at the cash consideration of RMB110,000,000. The properties, comprise 11 shop units (including Shop No. 5-1–101, 5-1–102, 5-1–103, 5-1–104, 5-5–111, 5-5–112, 5-5–222, 5-5–223, 5-5–324, 5-5–425, 5-5–426) with a total gross floor area of approximately 3,168 sq.m. together with 60 car parking spaces (No. 001–005, 008–010, 012–024, 027–029, 032–034, 036–055, 059–071) on basement level of Phase 5 of Tian Zi Zhuang Yuan (天子莊園), located at Yanjiao National High-Tech Industrial Development Area, Sanhe City, Hebei Province. San He Jing Jiao and Beijing Shen Shang shall have completed and performed all of their respective obligations under the Property Acquisition Agreement no later than 9 August 2018, or such later date as the parties may agree in writing.

On 17 August 2018, Beijing Shen Shang entered into a supplemental agreement with San He Jing Jiao to extend the long stop date to 31 December 2018.

On 18 March 2019, San He Jing Jiao and Beijing Shen Shang entered into the compensation agreement pursuant to which it was agreed that San He Jing Jiao shall additionally deliver the rights to use one car parking space as compensation for delay in processing the real property ownership certificate. The application of the real property ownership certificate was completed in April 2019.

On 5 August 2019, San He Jing Jiao and Beijing Shen Shang entered into the termination agreement with respect to the Property Acquisition Agreement and compensation agreement to proceed with.

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調整收購河北省物業交易模型

於2018年2月9日（交易時段後），北京瀋商與三河京郊訂立一份協議（「物業收購協議」），據此，三河京郊有條件同意出售，而北京瀋商有條件同意收購該物業，現金代價為人民幣110,000,000元。該物業包括於河北省三河市燕郊國家高新技術產業開發區天子莊園五期11個商舖單位（包括第5-1–101、5-1–102、 5-1–103 、 5-1–104 、 5-5–111 、 5-5–112 、 5-5–222 、 5-5–223 、 5-5–324 、 5-5–425 、 5-5–426 號舖），總建築面積約 3,168 平方米，連同地庫的60個停車位（第001–005、 008–010、012–024、027–029、032–034、 036–055、059–071號）。三河京郊與北京瀋商須於2018年8月9日前（或各訂約方可能以書面協定之其他較後日期）完成及履行彼等於物業收購協議項下全部的相關責任。

於2018年8月17日，北京瀋商與三河京郊簽訂一份補充協議，將最後完成期限延至2018 年12月31日。

於2019年3月18日，三河京郊與北京瀋商簽訂補償協議，據此，約定三河京郊額外交付1 個停車位使用權作為延期辦理物業不動產權證書的補償。物業不動產權證書已於2019年4 月辦理完成。

於2019年8月5日，三河京郊與北京瀋商就物業收購協議及補償協議簽訂解除協議。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

On 28 October 2019, Shenzhen Shenhe and Shanghai Wanbang Enterprise Group Company Limited 上海萬邦企業集團有限公司 (“ Shanghai Wanbang ”), Shenzhen Wanbang Real Estate Company Limited 深圳市萬邦置業有限公司 (“ Shenzhen Wanbang ”) and Shenzhen Zhaowanda Investment Company Limited 深圳市兆萬達投資有限公司 (“ Shenzhen Zhaowanda* ”) entered into the sale and purchase agreement, pursuant to which Shenzhen Shenhe has conditionally agreed to purchase and the vendors have conditionally agreed to sell the sale shares, representing 78% equity interest of San He Jing Jiao at the consideration of RMB321,000,000. San He Jing Jiao is currently engaged in a property development project, namely Tian Zi Zhuang Yuan (天子莊園). It is a large scale residential development project developed on a site formed by various parcels of land with a total land area of approximately 300,243.3 sq.m. located at the northern side of Jingha Road (京哈路) within Yanjiao National High-Tech Industrial Development Area, Sanhe City.

On 24 August 2020, Shanghai Wanbang, Shenzhen Wanbang, Shenzhen Zhaowanda, Shenzhen Shenhe, San He Jing Jiao and Beijing Shen Shang entered into a termination agreement to (i) terminate the sale and purchase agreement dated 28 October 2019; (ii) Shanghai Wanbang shall refund the paid deposit of RMB110,000,000 to Shenzhen Shenhe; and (iii) Beijing Shen Shang and San He Jing Jiao shall resume the sale and purchase of the properties by entering into the second supplemental agreement.

On 28 February 2021, Beijing Shen Shang and San He Jing Jiao have agreed and entered into an extension agreement to extend the completion date of the second supplemental agreement and the transactions contemplated thereunder from 28 February 2021 to 28 May 2021.

於2019年10月28日，深圳深合與上海萬邦企業集團有限公司（「上海萬邦」）、深圳市萬邦置業有限公司（「深圳萬邦」）及深圳市兆萬達投資有限公司（「深圳兆萬達」）訂立買賣協議，據此，深圳深合有條件同意購買而賣方有條件同意出售待售股份（相當於三河京郊 78%股權），代價為人民幣321,000,000元。三河京郊現時從事一項名為天子莊園之物業開發項目。其為一項大型住宅開發項目，涉及於三河市燕郊國家高新技術產業開發區內京哈路北側總面積約300,243.3平方米之多幅土地上進行開發。

於2020年8月24日，上海萬邦、深圳萬邦、深圳兆萬達、深圳深合、三河京郊及北京瀋商訂立終止協議，以(i)終止日期為2019年10 月28日的買賣協議；(ii)上海萬邦須向深圳深合退還已付訂金人民幣110,000,000元；及(iii) 北京瀋商與三河京郊須透過訂立第二份補充協議恢復買賣該等物業。

2021年2月28日，北京瀋商與三河京郊已同意並訂立延期協議，將第二份補充協議及其項下擬進行的交易的完成日期由2021年2月 28日延長至2021年5月28日。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Please refer to the announcements of the Company dated 9 February 2018, 5 August 2019, 28 October 2019, 18 November 2019, 20 December 2019, 31 December 2019, 6 February 2020, 11 March 2020, 15 April 2020, 15 May 2020, 15 June 2020, 15 July 2020, 14 August 2020, 24 August 2020, 14 September 2020, 9 October 2020, 23 October 2020, 30 November 2020, 30 December 2020, 25 January 2021, 25 February 2021 and 1 March 2021 and the circular of the Company dated 26 February 2021 for details.

The acquisition of the properties from San He Jing Jiao completed on 16 March 2021.

Disposal of 66.67% equity interest of SHHH Development and shareholders’ loan

On 4 July 2019, Shenzhen Shenxi entered into a disposal agreement with an independent third party, pursuant to which, the independent third party conditionally agreed to acquire and Shenzhen Shenxi conditionally disposed of 66.67% equity interest in SHHH Development and shareholders’ loan at a consideration of RMB173,000,000.

Please refer to the announcements of the Company dated 4 July 2019, 25 July 2019, 30 August 2019, 8 October 2019, 31 October 2019 and 3 December 2019 and the circular of the Company dated 20 December 2019 for details.

As at the date of this report, Shenzhen Shenxi has received a payment of RMB20,000,000 and the disposal completed on 15 November 2020.

詳情請參閱本公司日期分別為2018年2月9 日、2019 年 8 月 5 日、2019 年 10 月 28 日、 2019年11月18日、2019年12月20日、2019 年12月31日、2020年2月6日、2020年3月 11日、2020年4月15日、2020年5月15日、 2020年6月15日、2020年7月15日、2020年 8月14日、2020年8月24日、2020年9月14 日、2020 年 10 月 9 日、2020 年 10 月 23 日、 2020年11月30日、2020年12月30日、2021 年1月25日、2021年2月25日及2021年3月1 日的公告與本公司日期為2021年2月26日的通函。

三河京郊物業已於2021年3月16日完成收購。

出售深圳合輝煌發展 66.67% 股權及股東貸款

於2019年7月4日，深圳沈璽與獨立第三方訂立出售協議，據此，獨立第三方有條件同意收購及深圳沈璽有條件出售深圳合輝煌發展之66.67%股權及股東貸款，代價為人民幣 173,000,000元。

有關出售事項的詳情載於本公司日期分別 2019年7月4日、2019年7月25日、2019年8 月30日、2019年10月8日、2019年10月31 日及2019年12月3日之公告及本公司日期為 2019年12月20日之通函。

於本報告日期，深圳沈璽已收到款項人民幣 20,000,000元且出售事項已於2020年11月15 日完成。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

Acquisition of 95% equity interest of the 8 PRC Companies

On 30 December 2019, Shenzhen Shenhe and Beijing Wanzi Apartment Management Company Limited (北京萬紫公寓管理有限公司) entered into the sale and purchase agreement, pursuant to which Shenzhen Shenhe has conditionally agreed to purchase and Beijing Wanzi Apartment Management Company Limited has conditionally agreed to sell the 95% equity interest of the 8 PRC companies (the “ Target Companies* ”) at the consideration of RMB71,000,000, in which RMB47,000,000 was payable to the Beijing Wanzi Apartment Management Company Limited as the purchase consideration and the remaining RMB24,000,000 was paid on behalf of the Target Companies to its creditor.

The Target Companies hold a total of 125 subsidiaries, each of which has entered into a “Beijing Commercial Real Estate Sale and Purchase Contract 北京市商品房現房買賣合同” with an Independent Third Party, involving acquisition of 125 sets of properties (the “ Properties* ”). The Properties are located in the Zhiying Commercial Center in Liangxiang Higher Education Park, Fangshan, Beijing, adjacent to Liangxiang University City North Station. It is expected that the Properties will be used for leasing, and will generate stable rental income for the Group in the future.

As at 31 December 2019, RMB56,000,000 represented deposit paid for the acquisition of the Target Companies.

The acquisition has been completed on 7 April 2020.

Acquisition of 60% equity interest of Shennongjia Hotel

On 16 October 2020 (after trading hours), Shenzhen Ju Sheng Chuang Jian Investment and Development Limited (深圳市聚晟創建投資發展有限公司) (“ Shenzhen Ju Sheng ”), a whollyowned subsidiary of the Company entered into the equity transfer agreement with Shenzhen Apple Culture Media Company Limited (深圳市蘋果文化傳媒有限公司) (“ Apple Culture ”), pursuant to which Apple Culture conditionally agreed to sell and Shenzhen Ju Sheng conditionally agreed to acquire 60% equity interest of Shennongjia Hotel, and the entire amount of the shareholder’s loan owing by Shennongjia Hotel to Apple Culture as at 31 July 2020 at an aggregate consideration of RMB35,000,000.

收購八家中國公司 95% 股權

於2019年12月30日，深圳深合與北京萬紫公寓管理有限公司訂立買賣協議，據此，深圳深合有條件同意購買而北京萬紫公寓管理有限公司有條件同意出售八家中國公司（「目標公司」）95%股權，代價為人民幣71,000,000 元，其中人民幣47,000,000元應付予北京萬紫公寓管理有限公司（作為購買代價）及餘下人民幣24,000,000元乃代表目標公司支付予其債權人。

目標公司共持有125間附屬公司，其各自已與獨立第三方訂立《北京市商品房現房買賣合同》，涉及收購125套物業（「該等物業」）。該等物業位於北京房山良鄉高教園內的智盈商業中心，毗鄰良鄉大學城北站。預期該等物業將用作出租用途，並於日後為本集團帶來穩定的租金收入。

於2019年12月31日，人民幣56,000,000元指收購目標公司之已付訂金。

收購事項已於2020年4月7日完成。

收購神農架賓館 60% 股權

2020年10月16日（交易時間結束後），本公司全資附屬公司深圳市聚晟創建投資發展有限公司（「深圳聚晟」）與深圳市蘋果文化傳媒有限公司（「蘋果文化」）訂立股權轉讓協議，據此，蘋果文化有條件同意出售且深圳聚晟有條件同意收購神農架賓館60%股權及神農架賓館於2020年7月31日欠蘋果文化的全部股東貸款，總代價為人民幣35,000,000元。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Shennongjia Hotel holds the land use rights of two parcels of adjoining land, with a total site area of approximately 35,506 sq.m. located in Ping Qian Ancient Town, Da Jiu Hu, Shennongjia Forestry District, Hubei Province, the PRC* (湖北省神農架林區大九湖坪阡古鎮) for commercial hotel service use. Upon completion, Shennongjia Hotel will be owned as to 60% by Shenzhen Ju Sheng and as to 40% by Apple Culture.

Please refer to the announcement of the Company dated 16 October 2020 for details.

The acquisition has been completed on 15 March 2021.

Disposal of 100% of equity interest in Shen Wu Investment

As at 31 December 2020, the Company (as seller) entered into an equity transfer agreement with an Independent Third Party (as buyer), pursuant to which the buyer conditionally agreed to purchase and the seller conditionally agreed to sell 100% of the equity interests in Shen Wu Investment together with its subsidiaries for a consideration of RMB5,000,000. As at the date of this report, the Company has received RMB2,000,000 for the partial sale consideration from an Independent Third Party and the transaction has not been completed. All the assets and liabilities of Shen Wu Investment with its subsidiaries are classified as held for sale. As the relevant ratio for each transaction is less than 5%, the transaction is not subject to the announcement requirement under the Listing Rules.

ADVANCE TO AN ENTITY

Reference is made to the Company’s announcement dated 24 August 2020 and the circular dated 26 February 2021 in relation to the termination of the major transaction in relation to the acquisition of 78% equity interest in San He Jing Jiao and major transaction relating to the acquisition of the properties with advance to an entity.

神農架賓館持有兩塊毗鄰土地的土地使用權，該兩塊土地位於中國湖北省神農架林區大九湖坪阡古鎮，總用地面積約 35,506 平方米，用於商業酒店服務用途。完成後，神農架賓館將由深圳聚晟及蘋果文化分別擁有 60%及40%股權。

詳情請見本公司2020年10月16日的公告。

收購事項已於2021年3月15日完成。

出售沈物投資 100% 股權

於2020年12月31日，本公司（作為賣方）與獨立第三方（作為買方）簽訂股權轉讓協議，據此，買方有條件同意購買而賣方有條件同意出售沈物投資（連同其子公司）100%股權，代價為人民幣5,000,000元。截至本報告日期，本公司收到獨立第三方部分出售代價人民幣 2,000,000元，交易未完成。沈物投資連同其子公司之全部資產及負債被分類為持作銷售。由於各項交易的相關比例低於5%，交易無需遵守上市規則的公告規定。

向實體墊款

茲提述本公司日期為2020年8月24日之公告及日期為2021年2月26日之通函，內容有關終止有關收購三河京郊78%股權之主要交易及與收購該等物業連向實體墊款之主要交易。

僅供識別

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

According to the termination agreement, Shanghai Wanbang shall refund the paid deposit of RMB110,000,000 to Shenzhen Shenhe. In addition, pursuant to the second supplemental agreement, the new consideration of RMB110,000,000 shall be payable by Beijing Shen Shang to San He Jing Jiao. Shenzhen Shenhe agreed to pay the new consideration on behalf of Beijing Shen Shang and RMB110,000,000 shall be payable by Shanghai Wanbang to San He Jing Jiao.

As the amount of the deposit of RMB110,000,000 exceeds 8% under the assets ratio as defined under Rule 13.13 of the Listing Rules, the deposit is also subject to the general disclosure obligations under Rule 13.15 of the Listing Rules.

Please refer to the announcements of the Company dated 24 August 2020, 14 September 2020, 9 October 2020, 23 October 2020, 30 November 2020, 30 December 2020 and 1 March 2021 and the circular of the Company dated 26 February 2021 for details.

OTHER INVESTMENTS AND TRANSACTIONS

Disposal of 20% equity interest in Hai Yue Real Estate

On 12 September 2018, Tai He Chuang Jian transferred 20% equity interest in Hai Yue Real Estate to Hou Feng Trading, the largest shareholder of Hai Yue Real Estate at the consideration of RMB133,000,000.

On 21 April 2020, Tai He Chuang Jian has received a written notice from Hou Feng Trading stating that it has difficulty in the turnover of working capital due to the impact of the pandemic and Hou Feng Trading is not able to repay the outstanding consideration to Tai He Chuang Jian in time. In 2021, Houfeng Trading clearly indicated that it could not repay the arrears in the short term due to difficulties in its operation and the inability to repay the bank loan; the assets under the name of Houfeng Trading and Guangzhou Haiyue were auctioned off, and their actual controllers were listed as defaulting debtors and subject to consumption restrictions. The Company has appointed Chinese lawyers to conduct legal verification, pre-litigation collection and litigation to recover the arrears through legal means.

As at the date of this report, Hou Feng Trading had settled RMB62,840,000 and the remaining balance of RMB70,160,000 is yet to be paid.

根據終止協議，上海萬邦須退還已付訂金人民幣110,000,000元予深圳深合。此外，根據第二份補充協議，北京瀋商須向三河京郊支付新代價人民幣110,000,000元。深圳深合同意代表北京瀋商支付新代價，而上海萬邦須向三河京郊支付人民幣110,000,000元。

由於訂金金額人民幣110,000,000元按上市規則第13.13條所界定之資產比率計算超過 8%，故訂金亦須遵守上市規則第13.15條之一般披露責任。

有關詳情請參閱本公司日期為2020年8月24 日、2020 年 9 月 14 日、2020 年 10 月 9 日、 2020年10月23日、2020年11月30日、2020 年12月30日及2021年3月1日的公告與本公司日期為2021年2月26日的通函。

其他投資與交易

出售海粵房地產 20% 股權

於 2018 年 9 月 12 日，泰合創建將於海粵房地產持有的 20% 的股權以代價人民幣 133,000,000元轉讓給海粵房地產第一大股東厚豐貿易。

於2020年4月21日，泰合創建已收到厚豐貿易的書面通知，表示由於疫情影響營運資金周轉出現困難，厚豐貿易未能按時向泰合創建償還代價。2021年厚豐貿易因經營困難及無法償還銀行貸款明確表示短期無法償還欠款，厚豐貿易及廣州海粵名下資產被拍賣，實際控制人被列入失信執行人及限制消費。本公司已委聘中國律師進行法律核查、訴前催收及訴訟，通過法律手段追討欠款。

於本報告日期，厚豐貿易已結算人民幣 62,840,000元，餘額人民幣70,160,000元尚未支付。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Acquisition of 34,420,335 shares of Chaozhou Rural Credit Cooperative 潮州市區農村信用合作聯社 *by Zhongfang Chaozhou**

On 3 January 2019, Zhongfang Chaozhou acquired 8,700,000 shares of Chaozhou Rural Credit Cooperative (潮州市區農村信用合作聯社) (“ Chaozhou Rural Credit Cooperative ”) in aggregate held by eight natural persons at RMB1.8 per share. The total consideration of the transaction amounted to RMB15,660,000 (the “ 1st Acquisition* ”).

On 24 January 2019, Zhongfang Chaozhou acquired 25,720,335 shares of Chaozhou Rural Credit Cooperative in aggregate held by 19 natural persons at RMB1.85 per share. The total consideration of the transaction amounted to approximately RMB48,271,000 (the “ 2nd Acquisition ”).

Upon completion of the 1st Acquisition and the 2nd Acquisition, Zhongfang Chaozhou will hold 59,720,335 shares of Chaozhou Rural Credit Cooperative in aggregate. Please refer to the announcements of the Company dated 24 January 2019 and 28 January 2019 for details.

On 21 June 2019, Chaozhou Rural Commercial Bank Co., Ltd. (“ Chaozhou Rural Commercial Bank ”) was established and commenced operation after the restructuring of Chaozhou Rural Credit Cooperative, Raoping Rural Credit Cooperative (饒平縣農村信用合作聯社) and Chao’an Rural Credit Cooperative (潮安區農村信用合作聯社).

Since the 1st Acquisition and the 2nd Acquisition occurred during the period of restructuring of Chaozhou Rural Commercial Bank and the shares held by the vendors including the natural persons in Chaozhou Rural Commercial Bank are non-transferable within one year pursuant to the relevant requirements, an aggregate of 34,420,335 shares of Chaozhou Rural Credit Cooperative from the 1st Acquisition and the 2nd Acquisition had not been registered and converted into shares of Chaozhou Rural Commercial Bank during 2019. Upon completion of the registration, Zhongfang Chaozhou will hold an aggregate of 36,490,344 shares of Chaozhou Rural Commercial Bank.

中房潮州收購潮州市區農村信用合作聯社 34,420,335 股股份

於2019年1月3日，中房潮州按照每股人民幣 1.8元分別收購由8個自然人合計持有的潮州市區農村信用合作聯社8,700,000股股份，交易代價總額為人民幣15,660,000元（「第一次收購」）。

於2019年1月24日，中房潮州以每股人民幣 1.85元收購19個自然人合計持有的潮州市區農村信用合作聯社25,720,335股股份，交易代價總額約為人民幣48,271,000元（「第二次收購」）。

完成第一次收購及第二次收購後，中房潮州將合共持有潮州市區農村信用合作聯社 59,720,335股股份，有關詳情載於本公司日期為2019年1月24日及2019年1月28日之公告。

於2019年6月21日，由潮州市區農村信用合作聯社、饒平縣農村信用合作聯社及潮安區農村信用合作聯社重組的潮州農村商業銀行股份有限公司（「潮州農商銀行」）開業成立。

由於第一次收購及第二次收購發生在潮州農商銀行重組期間及根據相關規定由賣方（包括自然人）持有的潮州農商銀行股份一年內不能轉讓，因此第一次收購及第二次收購合計 34,420,335股潮州市區農村信用合作聯社股份未能於2019年度登記並折算成潮州農商銀行股份。於登記完成後，中房潮州將合計持有潮州農商銀行36,490,344股股份。

僅供識別

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

On 16 October 2020 (after trading hours), Zhongfang Chaozhou entered into a share transfer agreement with Shenzhen Wanyi Trading Limited (深圳市萬億貿易有限公司) (“ Wanyi ”) pursuant to which Zhongfang Chaozhou has agreed to sell, and Wanyi has agreed to purchase 12,760,000 sale shares, representing approximately 0.48% of the issued share capital of Chaozhou Rural Commercial Bank as at the date of the share transfer agreement for a cash consideration of RMB18,476,480, of which including approximately RMB564,000 of dividend receivable.

Upon completion, Zhongfang Chaozhou will hold 0.9% issued capital of Chaozhou Rural Commercial Bank.

Please refer to the announcement of the Company dated 16 October 2020 for details.

Provision of loans to Guangzhou Leyou

On 7 November 2018, the Company entered into a loan agreement with Guangzhou Leyou with a loan amount of RMB15,000,000 for a term of eight months at an interest rate of 8% per annum. The loan is guaranteed jointly and severally by a competent guarantor. As the relevant percentage ratio in respect of the transaction is below 5%, the transaction is not subject to any disclosure requirements under the Listing Rules.

On 9 August 2019, the Company and Guangzhou Leyou entered into a supplemental agreement to extend the term of loan for further eight months to 6 March 2020 and adjusted the interest rate to 6% per annum. The loan will continue to be guaranteed jointly and severally by the guarantor.

Guangzhou Leyou settled RMB1,000,000 on 28 April 2020. On 20 May 2020, the Company and Guangzhou Leyou entered into a supplemental agreement to extend the term of loan with an amount of RMB14,000,000 for further twelve months to 6 March 2021 with an interest rate of 6% per annum.

於2020年10月16日（交易時段後），中房潮州與深圳市萬億貿易有限公司（「萬億」）訂立股份轉讓協議，據此，中房潮州已同意出售，而萬億已同意購買12,760,000股出售股份，佔潮州農村商業銀行於股份轉讓協議日期已發行股本約0.48%，現金代價為人民幣 18,476,480元，其中包括應收股息約人民幣 564,000元。

完成後，中房潮州將持有潮州農村商業銀行 0.9%的已發行股本。

詳見公司2020年10月16日的公告。

向廣州樂游提供借款

於2018年11月7日，本公司與廣州樂游簽署借款協議，借款金額為人民幣 15,000,000 元，借款期限為8個月，借款利息為年利率 8%，並由有資質的擔保公司提供連帶責任擔保，由於本次交易的相關百分比率低於5%，因此，交易無需遵守上市規則下的任何披露規定。

於2019年8月9日，本公司與廣州樂游訂立補充協議，將貸款年期限一步延長8個月至2020 年3月6日，並調整年利率至6%。貸款將繼續由該擔保公司提供連帶責任擔保。

廣州樂游已於 2020 年 4 月 28 日結算人民幣 1,000,000 元。於 2020 年 5 月 20 日，本公司與廣州樂游訂立補充協議，將為數人民幣 14,000,000元的有期貸款進一步延長12個月至2021年3月6日，年利率為6%。

2020年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

On 18 June 2020, Guangzhou Leyou repaid RMB1,200,000. On 7 July 2020, Guangzhou Leyou repaid RMB200,000. On 30 March 2021, Guangzhou Leyou repaid RMB1,000,000. As at the date of this report, the remaining principal was RMB11,600,000.

Disposal of 100% equity interest of Shenzhen Shen He

On 24 June 2019, the Company entered into a sale agreement with Guangzhou Yiwan Trading Company Limited 廣州藝菀貿易有限公司 (” Guangzhou Yiwan* ”). Pursuant to that Guangzhou Yiwan conditionally agreed to purchase, and the Company conditionally agreed to sell, the entire equity of Shenzhen Shen He for a consideration of RMB13,950,000, inclusive of the consideration for the sale of Shenzhen Zhonghe Chuangjian Investment Development Company Limited. The transaction was completed on 28 June 2019.

The Group received RMB3,000,000, RMB3,000,000 and RMB1,000,000 from Guangzhou Yiwan on 16 July 2019, 10 November 2020 and 30 March 2021 respectively.

NUMBER OF EMPLOYEES, EMOLUMENTS, TRAINING SCHEMES AND SHARE OPTION SCHEMES

As at 31 December 2020, the Group employed a total of 45 employees (2019: 45). The Group has entered into employment contracts with all employees, and offered employment packages according to their positions, qualifications, experience and abilities. During the 2020 Financial Year, the aggregate salaries and emoluments amounted to RMB4,486,000 (2019 Corresponding Period: RMB4,497,000). The Group also provides benefits to employees, such as contributions to endowment insurance, basic medical insurance and housing reserve in accordance with the relevant laws of the PRC. The Group has not adopted any share option scheme for any of its senior management or employees.

於 2020 年 6 月 18 日，廣州樂游償還人民幣 1,200,000元，於2020年7月7日，廣州樂游償還人民幣200,000元，於2021年3月30日，廣州樂遊償還人民幣1,000,000元。截至本報告日期，剩餘本金為人民幣11,600,000元。

出售深圳沈和 100% 股權

於2019年6月24日，本公司與廣州藝菀貿易有限公司（「廣州藝 � 」）簽訂出售協議，據此，廣州藝菀有條件同意購買，而本公司有條件同意出售深圳沈和全部股權，代價為人民幣 13,950,000 元，包含出售深圳市眾合創建投資發展有限公司的代價。該交易已於 2019年6月28日完成。

本集團於2019年7月16日、2020年11月10日及2021年3月30日，分別收到廣州藝菀人民幣3,000,000元、人民幣3,000,000元及人民幣1,000,000元。

僱員人數、薪酬、培訓計劃及購股權計劃

於2020年12月31日，本集團共聘用45名僱員（2019年：45名）。本集團與全體僱員均已簽署聘用合同，根據僱員所在不同崗位、資歷、經驗及能力提供不同之薪酬待遇。於 2020年財政年度，薪金及酬金總額為人民幣 4,486,000元（2019年同期：人民幣4,497,000 元）。同時，根據中國有關法律規定，本集團為僱員提供福利如交納養老保險金、基本醫療保險金及住房公積金。本集團尚未採納任何高級管理人員或員工購股權計劃。

僅供識別

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

ASSETS SECURED/PLEDGED

As at 31 December 2020, no assets of the Group was secured or pledged (2019: Nil).

CURRENCY RISKS

Other than those subsidiaries established in Hong Kong, the revenue and expenses of the Group are mainly denominated in RMB. The Group is exposed to foreign currency risk on transactions denominated in currencies other than the functional and reporting currency of the Group, which is RMB. The changes in the exchange rate of Hong Kong Dollar against RMB will affect the result of the Group. In view of the appreciation of Hong Kong Dollar against RMB, the reporting currency, an exchange gain of RMB1,993,000 (2019 Corresponding Period: gain of RMB90,000) has been recorded in the results for the 2020 Financial Year. The Group currently does not have hedging policy against foreign exchange risk. The management of the Company will consider hedging significant currency exposure in the future should the need arise.

CONTINGENT LIABILITIES

As at 31 December 2020, the Group had no significant contingent liabilities (2019: Nil).

FINAL DIVIDENDS

The Board does not recommend the payment of a final dividend for the 2020 Financial Year.

DONATIONS

The Group has not made any donations for the 2020 Financial Year (2019 Corresponding Period: RMB1,000,000).

CAPITAL COMMITMENTS

As at 31 December 2020, the total capital commitments of the Group amounted to RMB28,273,000 (2019: RMB243,638,000).

EVENTS AFTER THE REPORTING PERIOD

Details of significant events after the reporting period and up to the date of this report are set out in Note 44 to the consolidated financial statement.

資產抵押╱質押

於2020年12月31日，本集團並無任何資產抵押或質押（2019年：無）。

外匯風險

除於香港成立的該等附屬公司外，本集團之收入及開支主要以人民幣計值。本集團承受以本集團功能及申報貨幣（人民幣）以外的貨幣計值的交易的外匯風險。港元兌人民幣的匯率變動將影響本集團的業績。鑒於港元兌人民幣（申報貨幣）上升，於2020年財政年度的業績中錄得匯兌收益人民幣1,993,000元（2019年同期：收益人民幣90,000元）。本集團目前並無外匯風險的對沖政策。本公司管理層將考慮日後於有需要時對沖重大貨幣風險。

或然負債

於2020年12月31日，本集團並無重大或然負債（2019年：無）。

末期股息

董事會不建議就2020年財政年度派發末期股息。

捐款

本集團於 2020 年財政年度未做出任何捐贈（2019年同期：人民幣1,000,000元）。

資本承擔

於2020年12月31日，本集團的總資本承擔為人民幣 28,273,000 元（ 2019 年：人民幣 243,638,000元）。

報告期後事項

有關報告期後及截至本報告期發生的重大事件詳情載於綜合財務報表附註44。

2020年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

EXECUTIVE DIRECTORS:

Mr. Zhang Jing Ming , aged 63, graduated from Shantou Business School. Since 1986, Mr. Zhang has successively worked as the deputy manager of Guangdong Haining Paper Packing Company Limited (廣東海寧紙品包裝有限公司), the vice president of Hong Kong Hai Yuan Industry Group Limited and chairman of Beijing Zhongjin Chuangzhan Real Estate Development Company Limited (北京中金創展房地產開發有限公司). Mr. Zhang has extensive experience in business management, corporate culture and project and operational planning.

Mr. Leng Xiao Rong , aged 54, graduated from the Department of Economics of Jiangxi University in 1989 majoring in accounting. He qualified as an accountant through the national uniform examination in 1998. He was the financial manager of Xiushui County Forestry Industrial Company in Jiangxi Province (江西省修水縣林業工業公司) from 1989 to 1999, audit officer of Shenzhen Petrochemical (Holding) Co., Ltd. (深圳石化集團股份有限公司) from 1999 to 2004, financial director of China South City Nanning (南寧華南城) and China South City Harbin (哈爾濱華南城) which are the branches of China South City Holdings Limited (華南城控股有限公司) (stock code: 1668) from 2004 to 2014 and investment director of Guangdong Yueshang HighTech Holdings Co., Ltd. (廣東粵商高科控股有限公司) from 2014 to 2018. Mr. Leng has extensive experience in various aspects including corporate finance, audit and investment.

Mr. Chau Ting Yan , aged 62, graduated from Nanjing Communication Engineering Institute (南京通信工程學院) in 1982. After his graduation, he had successively served as an assistant engineer and the engineer of the 54th Research Institute (第五十四研究所) from 1983 to 1993; from 1993 to 2005, he successively served as a general manager of Fine Lee Industries, Limited (宏利實業有限公司) and chairman of the board of directors of China Hani Group (中國恒利集團); he has served as chairman of Zhongjin Fuhua (Beijing) Investment Co., Ltd. (中金富華（北京）投資有限公司) from 2005 to 2017; and he has been serving as a director of Zhong Rong Jin Kong Capital Management Co., Ltd. (中融金控資本管理有限公司) since 2018 to March 2019. Mr. Chau has extensive experience in finance, investment and corporate management.

執行董事：

張敬明先生，63歲，畢業於汕頭商業學校。自1986年，張先生先後擔任廣東海寧紙品包裝有限公司副總經理、香港海源實業集團有限公司副總裁以及北京中金創展房地產開發有限公司董事長。張先生在業務管理、企業文化及項目及營運規劃方面擁有豐富經驗。

冷小榮先生，54歲，1989年畢業於江西大學經濟系會計專業，1998年經全國統考獲會計師專業技術職稱；於1989年至1999年期間，擔任江西省修水縣林業工業公司財務經理，於1999年至2004年期間，擔任深圳石化集團股份有限公司審計部主任，於2004年至2014 年期間，擔任華南城控股有限公司（股份代碼：1668）旗下分公司南寧華南城、哈爾濱華南城財務總監，於2014年至2018年期間，擔任廣東粵商高科控股有限公司投資總監。冷先生於企業融資、審計及投資等多個範疇具有廣泛經驗。

周霆欣先生，62歲，1982年畢業於南京通信工程學院，完成學業後，於1983年至1993年期間，先後擔任第五十四研究所助理工程師以及工程師；於1993年至2005年期間，先後擔任宏利實業有限公司總經理以及中國恒利集團董事會主席；於2005年至2017年期間，擔任中金富華（北京）投資有限公司董事長； 2018年至2019年3月，擔任中融金控資本管理有限公司董事。周先生於金融、投資及公司管理等方面都具有豐富的經驗。

僅供識別

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

NON-EXECUTIVE DIRECTORS:

Mr. Yin Zong Chen , aged 57, graduated from Harbin Institute of Technology (哈爾濱工業大學) with a master’s degree in architecture and civil engineering professional. He is a member of the Shenzhen Luohu District Committee of the CPPCC for the fifth session. He successively served as the general manager, party branch deputy secretary and senior engineer of Shenzhen Shenan Enterprise Co., Ltd. from 1997 to 2003, and the director, general manager and senior engineer of Shenzhen Pan-China Engineering Group Co., Ltd. (“ Pan-China Engineering Group ”) from 2003 to 2007. During his term in Pan-China Engineering Group, he obtained the qualifications of national first class registered constructor, registered supervision engineer, real estate economist and registered cost engineer. Mr. Yin served as the general manager of the contracting division and group vice president and general manager in Shenzhen Construction (Group) Company Limited (深圳市建設（集團）有限公司) from 2009 to 2012, currently served as an executive director and general manager of Guangdong Shiliuye Construction Co. Ltd.* (廣東十六冶建設有限公司). He has over 30 years’ experience in architecture design, civil engineering and infrastructure construction.

Mr. Ye Zhi E , aged 35, graduated from South China Agricultural University in 2008 with a bachelor of science degree in ecology. He graduated from Dongbei University of Finance and Economics in 2011 with a master of laws degree and has been engaged in real estate legal affairs since graduation. He was an assistant to lawyer of Guangdong Zhongquan Law Firm (廣東中全律師事務所) and a partner in Beijing DeHeng (Shenzhen) Law Offices (北京德恆（深圳）律師事務所), and currently holds the position of partner of Guangdong Junyan Law Firm* (廣東君言律師事務所). Mr. Ye has extensive experience in business fields such as real estate development, urban renewal and renovation of old towns, old plants and old villages.

非執行董事：

尹宗臣先生，57 歲，畢業於哈爾濱工業大學，獲頒授建築與土木工程專業碩士學位，深圳市羅湖區第五屆政協委員。於1997年至 2003年，先後擔任深圳市深安企業有限公司之總經理、黨總支副書記及高級工程師。於 2003年至2007年，先後擔任深圳市泛華工程集團有限公司（「泛華工程集團」）之董事、總經理及高級工程師。於泛華工程集團期內，獲取國家註冊一級建造師、註冊監理工程師、房地產經濟師及註冊造價工程師資格。於2009年至2012年，尹先生先後擔任深圳市建設（集團）有限公司總承包事業部總經理及集團副總裁及總經理，現擔任廣東十六冶建設有限公司執行董事及總經理。尹先生於建築工程設計、土木及工程及基建建造方面擁有逾三十年經驗。

葉智鍔先生，35歲，2008年畢業於華南農業大學生態學專業獲理學學士學位，2011年畢業於東北財經大學獲法律碩士學位，畢業至今一直從事房地產法律事務工作。歷任廣東中全律師事務所律師助理及北京德恆（深圳）律師事務所團隊合夥人，現任廣東君言律師事務所合夥人。葉先生在房地產開發、城市更新、三舊改造等業務領域擁有豐富經驗。

2020年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

INDEPENDENT NON-EXECUTIVE DIRECTORS:

Mr. Luo Zhuo Qiang , aged 41, is a certified public accountant in the PRC. He graduated from Wuhan Finance College (武漢金融高等專科學校) majoring in accounting in 2001, and from 2017 to 2019, he completed a law degree programme at University of South China; from 2003 to June 2019, Mr. Luo successively served as an audit manager of Baker Tilly China Certified Public Accountants (天職國際會計事務所) (Shenzhen Branch), an executive director of Shenzhen Guanghua Yongzhuo Financial Consultancy Co., Ltd. (深圳市光華永卓財務顧問有限公司), a department head of Asia Pacific CPA (Group) (Shenzhen Branch); from July 2019 to present, Mr. Luo has been an executive director of Guangdong Tianjian Consulting Co., Ltd. (廣東天健顧問有限公司). Mr. Luo has been in charge of the audit of a number of listed companies in the PRC and the listing and financing consultancy services for a number of domestic private enterprises in the PRC, proving his extensive experience in audit, financing and the operation of listed companies.

Mr. Luo is appointed as an independent non-executive director, the chairman of audit committee and a member of remuneration committee of the Company effective from 12 November 2020 which was approved in the election in the extraordinary general meeting of the Company held on 11 February 2021.

Ms. Gao Hong Hong , aged 50, graduated from the department of monetary banking under the faculty of finance of Southwestern University of Finance and Economics with a master’s degree in economics in 1998. Since 1998, she has worked in the business division and dealt with credit business in the international finance division of Bank of China Shenzhen Branch. She successively served as chairman of Bank of China Shenzhen Meili Sub-branch, Bank of China Shenzhen Meilin Sub-branch and Bank of China Shenzhen Shahe Sub-branch. She is currently the assistant to general manager of the asset management centre of Shenzhen Galaxy Holdings Group Limited* (深圳星河控股集團有限公司). Ms. Gao has extensive experience in investment, financing and asset management.

獨立非執行董事：

羅卓強先生，41歲，為中國註冊會計師。彼於2001年畢業於武漢金融高等專科學校會計專業，並於2017年至2019年期間，完成南華大學法學專業課程。於2003年至2019年 6月，羅先生先後擔任天職國際會計師事務所深圳分所審計經理、深圳市光華永卓財務顧問有限公司執行董事以及亞太（集團）會計師事務所深圳分所部門主管；於2019年7月至今，羅先生擔任廣東天健顧問有限公司執行董事。羅先生負責過多家中國上市公司審計，及多家中國國內民營企業上市及融資顧問服務，於審計、融資及上市公司運營方面擁有豐富經驗。

羅先生已獲委任為獨立非執行董事、本公司審核委員會主席及薪酬委員會成員，自2020 年11月12日起生效，2021年2月11日舉行之股東特別大會已批准有關選舉。

高紅紅女士，50歲，1998年畢業於西南財金大學金融系貨幣銀行學專業，獲經濟學碩士學位。自1998年起，在中國銀行深圳市分行公司業務部、國際融資部從事信貸工作。彼歷任中國銀行深圳梅麗支行、中國銀行深圳梅林支行、中國銀行深圳沙河支行行長。彼現任深圳星河控股集團有限公司資產管理中心總經理助理。高女士在投融資和資產管理方面擁有豐富經驗。

僅供識別

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

Mr. Guo Lu Jin , aged 65, graduated from Renmin University of China in 1982 with a bachelor’s degree. During his university years, he took a professional course in sociology at Nankai University. Mr. Guo served at the General Communication Station of the Lanzhou Military Region (蘭州軍區通訊總站) as a soldier. Upon completion of studies, he held the position of principal staff member of the Department of Higher Education of the Ministry of Education (教育部高等教育司) from 1982 to 1988. He was the director of the National Development and Reform Commission from 1988 to 1993 and successively became the person-in-charge of the investment and development department, general office and asset preservation department of China Everbright Bank Company Limited from 1993 to 2015. He has extensive experience in various aspects including finance, investment, macroeconomic adjustment and social development strategies.

郭魯晉先生，65歲，1982年於中國人民大學獲學士學位，大學期間就讀南開大學社會學專業班。郭先生曾擔任蘭州軍區通訊總站戰士，完成學業後，於1982年至1988年擔任教育部高等教育司主任科員，於1988年至1993 年期間，擔任國家發展改革委員會處長，其後於1993年至2015年期間，擔任中國光大銀行股份有限公司投資發展部、辦公室、資產保全部負責人，在金融、投資、宏觀經濟調整和社會發展戰略等方面都具有豐富的經驗。

CHIEF EXECUTIVE OFFICER :

行政總裁：

Mr. Huang Chunfeng , aged 44, obtained a bachelor’s degree from the School of Finance of Zhengzhou University in 2002, a master’s degree in business administration from the Graduate School of Chinese Academy of Social Sciences in 2013 and a master’s degree in EMBA from China Europe International Business School (CEIBS) in 2017. From 1998 to 2010, he successively worked in the sub-branch directly under Henan Branch of Industrial and Commercial Bank of China Limited (stock code: 601398) and the Zhengzhou Branch of Shanghai Pudong Development Bank Co., Ltd. (stock code: 600000). From 2010 to 2013, he successively served as vice president of the Xueyuan South Road sub-branch under Beijing Branch of Bank of Shanghai Co., Ltd. (stock code: 601229) and Beijing Dongzhimen sub-branch of Bank of Jiangsu. From 2014 to 2016, he was the general manager of Beijing Guo Tai Zhong Tou Investment Funds Management Co., Ltd. (國泰中投（北京）投資基金管理有限公司). Since 2016, he has been the chairman of Chuang Xing Yuan Asset Management Co., Ltd. (創星原資產管理有限公司). Mr. Huang has extensive experience in the areas of finance, investment and corporate management.

黃春鋒先生，44歲，2002年獲得鄭州大學金融學院學士學位，2013年獲得中國社會科學院研究生院工商管理碩士學位，2017年獲得中歐國際工商學院EMBA碩士學位，於1998年至2010年期間，先後任職於中國工商銀行股份有限公司（股票交易代碼：601398）河南省分行直屬支行以及上海浦東發展銀行股份有限公司（股票交易代碼：600000）鄭州分行；於2010年至2013年期間，先後擔任上海銀行股份有限公司（股票交易代碼：601229）北京分行學院南路支行以及江蘇銀行北京東直門支行副行長；於2014年至2016年期間，擔任國泰中投（北京）投資基金管理有限公司總經理；2016年至今，擔任共創星原資產管理有限公司董事長。黃先生無論在金融、投資以及公司管理等方面，都具有相當豐富的經驗。

2020年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

SUPERVISORS:

Mr. Wang Xing Ye , aged 43, holds a master postgraduate degree. Mr. Wang is currently the managing director of Beijing Jade Bird Hengsheng Investment Management Co., Ltd., director of Jade Bird Fire Co., Ltd. (青鳥消防股份有限公司) (formerly known as Hebei Beida Jade Bird Universal Fire Alarm Device Co., Ltd.) (stock code: 002960. SZ), director of Enraytek Optoelectronics Technology (Shanghai) Co., Ltd., director of Ningbo Jade Bird Zhengyuan Equity Interest Investment Management Co., Ltd.* (寧波青鳥正元股權投資管理有限公司), director of Ningbo Jade Bird Venture Capital Investment Co., Ltd., executive director/ general manager of Ningbo Liyuantai Venture Capital Investment Management Co., Ltd., secretary to the board of director/ chairman of union of Beijing Beida Jade Bird Universal Sci-Tech Company Limited and the chairman of the Board of Supervisors of the Company. He has profound experience in investment and financing, asset and business reorganization.

Mr. Chen Jun Fung , aged 38, graduated from Southwest University of Political Science & Law (西南政法大學) with a bachelor of laws. Mr. Chen served as the assistant to the president of Guangdong Xutongda Dutch Auction Company Limited (廣東旭通達拍賣有限公司) from November 2008 to January 2010, assistant to the president and legal manager of Guangzhou Shengtang Properties Limited (廣州市盛塘置業有限公司) from February 2010 to February 2012, the director and deputy general manager of Guangdong Gong He Equity Fund Limited (廣東工合股權基金有限公司) from March 2013 to October 2015, and the director of Zhuhai Kingma Holdings Co., Ltd. (formerly known as Shining Metals Groups, Inc) (Stock code: 400028). Mr. Chen has extensive experience in investment and financing, asset and business reorganization.

監事：

王興業先生，43歲，碩士研究生。王先生現擔任北京青鳥恒盛投資管理有限公司董事總經理、青鳥消防股份有限公司（前稱北大青鳥環宇消防設備股份有限公司）（股份代碼： 002960. SZ）董事、映瑞光電科技（上海）有限公司董事、寧波青鳥正元股權投資管理有限公司董事、寧波青鳥創業投資有限公司董事、寧波利元泰創業投資管理有限公司執行董事╱總經理、北京北大青鳥環宇科技股份有限公司董事會秘書╱工會主席，及本公司監事會主席。彼在投融資、資產及業務重組方面有豐富經驗。

陳俊峰先生，38歲，畢業於西南政法大學，獲頒授法律學士學位。2008年11月到2010年 1月，在廣東旭通達拍賣有限公司擔任總裁助理，2010年2月到2012年2月，在廣州市盛塘置業有限公司擔任總經理助理兼法務經理， 2013年3月到2015年10月，在廣東工合股權基金有限公司擔任董事、副總經理，在珠海金馬控股股份有限公司（前稱珠海鑫光集團股份有限公司）（股份代碼：400028）擔任董事。陳先生在投融資、資產及業務重組方面有豐富的經驗。

僅供識別

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

Mr. Zheng Ze Jian , aged 33, graduated from Beijing Institute of Technology, Zhuhai with a bachelor’s degree in engineering. From 2012 to 2016, Mr. Zheng successively served as an account manager of Standard Chartered Bank (China) Limited and an approval manager of Ping An Bank Co., Ltd. Since 2016, Mr. Zheng has worked in the investment development department of the Company. Mr. Zheng has extensive experience in corporate investment and financing.

Mr. Zheng is appointed as an employee representative supervisor of the Company from 11 February 2021 which was approved in the election in the extraordinary general meeting of the Company held on 11 February 2021.

Mr. Zhang Yun Feng , aged 56, graduated from Anhui University of Finance and Economics (安徽財經大學) majoring in science of merchandise. Mr. Zhang has worked as an officer of Bengbu Foreign Trade Bureau, Anhui Province (安徽省蚌埠市外貿局), general manager of Bengbu Knitted Cotton Fabric Import and Export Company (蚌埠市針棉織品進出口公司), deputy general manager of the marketing department of Shenzhen Ouhe Network System Company Limited (深圳區涸網絡系統有限公司), deputy general manager of the marketing department in the headquarters of the Kunlun Securities Company Limited (昆侖證券有限公司) and general manager of Anhui Xin Tai Yuan Technology Company Limited (安徽鑫泰元科技有限公司). He is currently the president of Shenzhen Qian Yuan Kun Li Investment Technology Co., Ltd. (深圳市乾元坤利投資科技有限公司). Mr. Zhang has extensive experience in capital operation.

Mr. Fang Wei Ran , aged 35, graduated from Guangdong Ocean University with bachelor of science in financial management. He previously worked in Huizhou LCY Elastomers Corp. Mr. Fang is currently the finance manager of Zhongfang Chaozhou Investment Development Company Limited, a wholly-owned subsidiary of the Company. Mr. Fang has extensive experience in accounting practices and cost management.

鄭澤健先生，33歲，畢業於北京理工大學珠海學院，獲頒工學學士學位。鄭先生於2012 年至2016年期間，先後擔任渣打銀行（中國）有限公司客戶經理及平安銀行股份有限公司審批經理；2016年至今，鄭先生任職於本公司投資發展部。鄭先生於企業投融資方面具有豐富的經驗。

鄭先生自2021年2月11日起獲委任為本公司職工代表監事，2021年2月11日舉行之股東特別大會已批准有關選舉。

張運峰先生，56歲，畢業於安徽財經大學商品學專業。張先生歷任安徽省蚌埠市外貿局科員、蚌埠市針棉織品進出口公司總經理、深圳區涸網絡系統有限公司市場部副經理、昆侖證券有限公司總部市場部副總經理及安徽鑫泰元科技有限公司總經理。現任深圳市乾元坤利投資科技有限公司總裁。張先生於資本運作方面有豐富經驗。

方偉然先生，35歲，畢業於廣東海洋大學財務管理專業，獲頒管理學學士學位。曾任職於惠州李長榮橡膠有限公司。現任本公司全資附屬公司中房潮州投資開發有限公司財務經理。方先生於會計實務、成本管理方面具有豐富的經驗。

2020年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

JOINT COMPANY SECRETARIES:

Ms. Qian Fang Fang , aged 38, is the Joint Company Secretary of the Company. Ms. Qian graduated from the Northwest University of professional accounting with a bachelor’s degree in management in 2006, and was conferred a master’s degree in management in 2008. Ms. Qian was appointed as the supervisor of the Company for the period from 12 February 2012 to 3 March 2014. Ms. Qian was appointed as Joint Company Secretary of the Company on 6 March 2014.

Mr. Chung Man Wai, Stephen , aged 42, is appointed as the Joint Company Secretary of the Company on 8 September 2020. Mr. Chung holds a bachelor’s degree of science in applied accountancy from Oxford Brookes University in United Kingdom and he has served as company secretary for various Hong Kong listed companies. He is a member of Hong Kong Institute of Certified Public Accountants and has extensive experience as a professional in the fields of accounting, auditing and company secretarial matters.

公司聯席秘書：

錢芳芳女士，38 歲，本公司的聯席公司秘書。錢女士於2006年畢業於西北大學會計學專業，獲頒管理學學士學位，並於2008年獲授管理學碩士學位。錢女士於2012年2月12 日至2014年3月3日期間獲委任為本公司監事。錢女士於2014年3月6日獲委任為本公司聯席公司秘書。

鍾文偉先生，42歲，於2020年9月8日獲委任為本公司聯席公司秘書，鍾先生持有英國牛津布魯克斯大學應用會計學理學士學位，曾在多家香港上市公司擔任公司秘書。彼為中國香港會計師公會會員，於會計、審計及公司秘書方面擁有豐富經驗。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Report of the Supervisory Committee 監事會報告

To the Shareholders,

During the year ended 31 December 2020, the supervisory committee of Shenyang Public Utility Holdings Company Limited (the “ Supervisory Committee ”), exercised conscientiously its authority, safeguarded the interests of the Shareholders and the Company, followed the principle of trustworthiness, honestly carried out the duties of supervisors and worked cautiously and diligently, in accordance with the Company Law of the PRC, requirements of the relevant laws and regulations of Hong Kong and the Articles for their accountability to the Shareholders.

During the year, the major work performed by the Supervisory Committee included the attendance of the Board meetings; reviewing the report of the Directors and reserve appropriation proposed by the Board, if any, for the Shareholders’ approval at the forthcoming annual general meeting of the Company; strictly and effectively monitoring whether the policies and decisions made by the management of the Company had conformed with the state laws and regulations and the Articles or safeguarded the interests of the Shareholders. The Supervisory Committee has also reviewed the performance of the Directors, general manager and senior management in the daily operation by various means, and seriously examined the Company’s financial affairs and its connected transactions. After the examination, the Supervisory Committee concluded that:

the report of the Directors and the reserve appropriation proposed by the Board for the Shareholders’ approval at the forthcoming annual general meeting of the Company are in accordance with the relevant laws and regulations and the Articles;
the Directors, general manager and other senior management of the Company have strictly followed the principles of trustworthiness, worked diligently and responsibly, and discharged their duties for the best interest of the Company. The Supervisory Committee has not discovered that any Directors, general manager and other senior management of the Company had abused their powers, damaged the interest of the Company or the benefits of the Shareholders and employees or contravened any laws and regulations or the Articles; and

各位股東：

截至2020年12月31日止年度，瀋陽公用發展股份有限公司監事會（「監事會」）遵照中華人民共和國公司法、香港有關法律法規及公司章程的規定，本着對全體股東負責的精神，認真履行職責，維護股東權益，維護本公司利益，遵守誠信原則，忠實履行監督之職責和義務，勤勉主動地開展工作。

在本年度內監事會主要工作包括列席董事會會議；審閱董事會於本公司應屆股東週年大會上提呈股東批准的董事會報告及利潤分配方案（如有）；對本公司管理層決策及決定是否符合國家法律法規以及公司章程，是否維護股東利益等，進行了嚴格有效的監督，並通過各種方式，了解本公司董事、總經理及高級管理人員在經營管理、日常事務中的行為；認真審查本公司的財務狀況和關連交易情況。經審查，監事會認為：

董事會於本公司應屆股東週年大會上提呈股東批准的董事會報告及利潤分配方案，符合有關法律法規和公司章程的規定；
本公司董事、總經理及其他高級管理人員，嚴格遵守誠信原則，工作克勤盡職、真誠地以本公司最大利益為出發點行使職權。未發現董事、總經理及高級管理人員濫用職權，損害本公司利益及侵犯本公司股東和本公司員工權益之行為，亦未違反法律法規或公司章程；及

2020年報 瀋陽公用發展股份有限公司

Report of the Supervisory Committee 監事會報告

the consolidated financial statements of the Company for the year ended 31 December 2020, which were audited by Asian Alliance (HK) CPA Company Limited, have truly and fairly reflected the operating results and financial position of the Group. The related parties transactions were fair and reasonable and had not infringed upon the interests of the Company and the Shareholders.

The Supervisory Committee takes this opportunity to thank the Shareholders, Directors and all the employees of the Company for their supports in the past year.

By order of the Supervisory Committee

Mr. Wang Xing Ye

Chairman of the Supervisory Committee

Shenyang, 31 March 2021

經華融（香港）會計師事務所有限公司審核的本公司截至2020年12月31日止年度的綜合財務報表，真實和公允地反映了本集團的經營業績及財務情況。與關連方交易為公平合理，沒有損害本公司及股東利益的行為。

在過去的一年中，監事會的工作得到了本公司各位股東、董事及全體員工的大力支持，謹此表示衷心地感謝！

承監事會命

王興業先生監事會主席

瀋陽，2021年3月31日

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

The directors present their report together with the audited financial statements for the year ended 31 December 2020.

PRINCIPAL ACTIVITIES

The Company is an investment holding company and the principal activities of its subsidiaries are set out in Note 42 to the consolidated financial statements.

SEGMENT INFORMATION

Details of segment information are set out in Note 8 to the consolidated financial statements.

FINANCIAL STATEMENTS AND DIVIDENDS

The results of the Group for the year ended 31 December 2020 are set out in the consolidated statement of profit or loss and the consolidated statement of profit or loss and other comprehensive income on pages 61 and 63.

The state of the Group’s affairs as at 31 December 2020 is set out in the consolidated statement of financial position on pages 64 and 65.

The Board does not recommend the payment of any dividend for the year ended 31 December 2020.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in property, plant and equipment of the Group are set out in Note 18 to the consolidated financial statements.

SHARE CAPITAL

Details of movements in the share capital of the Company are set out in Note 37 to the consolidated financial statements.

RESERVES

Movements in the reserves of the Company and the Group during the year are set out in consolidated statement of changes in equity on pages 66 and 68.

董事會謹向各位股東欣然提呈截至2020年12 月31日止年度的報告及經審核財務報表。

主要業務

本公司為投資控股公司，其附屬公司主要業務載於綜合財務報表附註42。

分部資料

分部資料的詳情載於綜合財務報表附註8。

財務報表及股息

本集團截至2020年12月31日止年度的業績載於第61頁至第63頁的綜合損益表及綜合損益及其他全面收益表。

本集團於2020年12月31日的財務狀況載於第 64頁至第65頁的綜合財務狀況表。

董事會不建議派發截至2020年12月31日止年度任何股息。

物業、廠房及設備

本集團的物業、廠房及設備變動詳情載於綜合財務報表附註18內。

股本

本公司的股本變動詳情載於綜合財務報表附註37。

儲備

本公司及本集團本年度內的儲備變動載於第 66頁至第68頁的綜合權益變動表。

2020年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

DISTRIBUTABLE RESERVES

There is no distributable reserves of the Company as at 31 December 2020, calculated under the Company Law of the PRC, being the jurisdiction in which the Company was established, (2019: Nil).

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Articles and under the laws of the PRC, which would oblige the Company to offer new shares on a pro-rata basis to existing Shareholders.

SUMMARY OF FINANCIAL INFORMATION

The summary of the financial information of the Group for the last five financial years is set out on pages 264 and 265.

SHARE OPTIONS

As at the date of this report, no option has been granted or agreed to be granted by the Company to any of its Directors, supervisors or employees.

DIRECTORS

The directors who held office during the year and up to the date hereof are:

Executive Directors

Mr. Zhang Jing Ming Mr. Leng Xiao Rong Mr. Chau Ting Yan

Non-executive Directors

Mr. Yin Zong Chen Mr. Ye Zhi E

可供分配儲備

本公司並無於2020年12月31日按照中國（本公司成立的司法權區）公司法計算的可供分配儲備（2019年：無）。

優先購買權

公司章程中並無優先購買權的規定，而根據中國法例，本公司須按比例向現有股東提呈發售新股份。

財務資料概要

本集團過去五個財政年度的財務資料概要載於第264頁至第265頁。

購股權

於本報告日期，本公司概無向其任何董事、監事或僱員授予或同意授予任何購股權。

董事

於本年度及截至本報告日期任職的董事如下：

執行董事

張敬明先生冷小榮先生周霆欣先生

非執行董事

尹宗臣先生葉智鍔先生

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

Independent Non-executive Directors

Mr. Chan Ming Sun Jonathan (resigned on 12 November 2020) Mr. Guo Lu Jin

Mr. Luo Zhuo Qiang (appointed on 12 November 2020) Ms. Gao Hong Hong

The Company has received from each of the independent nonexecutive Directors the annual confirmation of independence pursuant to the Listing Rules and considers that all independent non-executive Directors are independent to the Group in accordance with the terms of the guidelines as set out in the Listing Rules.

In accordance with article 100 of the Articles, all the Directors shall be appointed at the general meeting for a term of three years. A Director may serve consecutive terms if re-elected upon the expiration of the terms.

BIOGRAPHICAL DETAILS OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

Brief biographical details of Directors, supervisors and senior management are set out on pages from 22 to 28.

DIRECTORS’ AND SUPERVISORS’ SERVICE CONTRACTS

Each of the Directors and supervisors has entered into a service contract with the Company for a term of three years from his/ her date of appointment as a Director or supervisor (or until the expiration of the term of the current session of the Board or the Supervisory Committee) and thereafter subject to termination by either party giving not less than one month’s written notice to the other party.

DIRECTORS’ INTERESTS IN CONTRACTS

Apart from the Directors’ service contracts disclosed above, no contracts of significance in relation to the Group’s business to which the Group was a party and in which a Director had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.

獨立非執行董事

陳銘燊先生（於2020年11月12日辭任）郭魯晉先生羅卓強先生（於2020年11月12日獲委任）高紅紅女士

本公司已收到各獨立非執行董事根據上市規則發出的年度獨立性確認書，並認為按照上市規則所載的條款及指引，全體獨立非執行董事對本集團來說均具獨立性。

根據公司章程第100條，所有於股東大會上獲委任的董事任期應為三年。倘任期屆滿後獲重選，則董事可連任。

董事、監事及高級管理層的履歷詳情

有關董事、監事及高級管理層的履歷詳情簡介載於第22頁至第28頁。

董事及監事的服務合約

各董事及監事已與本公司訂立服務合約，自其獲委任為董事或監事之日起為期三年（或直至本屆董事會或監事會屆滿為止），其後可由任何一方向另一方發出不少於一個月書面通知予以終止。

董事於合約的權益

除上文所披露的董事服務合約外，於年末或本年度內任何時候，概無訂立與本集團業務有關而本集團為其中一方及董事於當中擁有重大權益（不論直接或間接）的任何重大合約。

2020年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

DIRECTORS’, CHIEF EXECUTIVES’ AND SUPERVISORS’ INTERESTS AND SHORT POSITIONS IN THE SHARES OF THE COMPANY

董事、最高行政人員及監事於本公司股份的權益及淡倉

As at 31 December 2020, none of the Directors, chief executives and supervisors of the Company had interests or short positions in any securities of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which are required (a) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they are taken or deemed to have under such provisions of the SFO); or (b) pursuant to section 352 of the SFO, to be entered in the register referred to therein; or (c) pursuant to the required standard of dealings by Directors and supervisors as referred to in Appendix 10 of the Listing Rules to be notified to the Company and the Stock Exchange.

於2020年12月31日，概無本公司董事、最高行政人員及監事於本公司或其任何相關法團（定義見證券及期貨條例第XV部）的任何證券中，擁有(a)須根據證券及期貨條例第XV部第7 及第8分部須知會本公司及聯交所的權益或淡倉（包括根據證券及期貨條例的該等條文，彼等被當作或視為擁有的權益或淡倉）；或(b)須根據證券及期貨條例第352條須記入該條例所述的登記冊的權益或淡倉；或(c)根據上市規則附錄10所載董事及監事進行交易的規定準則，須知會本公司及聯交所的權益或淡倉。

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

主要股東於股份及相關股份的權益及其他人士於當中的權益及淡倉

As of 31 December 2020, save as the Company’s Directors, supervisors and chief executives, the following corporations and individuals had interests and/or short positions in the Company’s shares, underlying shares, securities, equity derivatives and/or debentures, which are required to be recorded in the register of members maintained by the Company pursuant to section 336 of the SFO:

截至2020年12月31日，除本公司董事、監事及最高行政人員以外，以下公司及人士於本公司的股份、相關股份、證券、股本衍生工具及╱或債權證中擁有權益及╱或淡倉，且該等權益及╱或淡倉須根據證券及期貨條例第336條須於本公司備存的登記冊所記錄：

			Percentage of total
	Interest owners	Shares	issued share capital
			佔已發行股本總數
	權益持有人	股份	百分比
1	Beijing Hua Xia Ding	420,000,000 Domestic shares	28.58%
	北京華夏鼎	420,000,000股內資股	28.58%
2	Huang Guang Fu_(Note 1)_	420,000,000 Domestic shares	28.58%
	黃廣服（附註1）	420,000,000股內資股	28.58%
3	Beijing Lichuang Future	180,000,000 Domestic shares	12.25%
	北京力創未來	180,000,000股內資股	12.25%
4	Zhai Ming Yue_(Note 2)_	180,000,000 Domestic shares	12.25%
	翟明月（附註2）	180,000,000股內資股	12.25%
5	Shenzhen Wan Zhong Run Long	140,000,000 Domestic shares	9.53%
	深圳萬眾潤隆	140,000,000股內資股	9.53%
6	Zhang Song_(Note 3)_	140,000,000 Domestic shares	9.53%
	張松（附註3）	140,000,000股內資股	9.53%
7	HKSCC Nominees Limited_(Note 4)_	605,376,000 H-Shares (listed shares)	41.2%
	香港中央結算（代理人）有限公司（附註4）	605,376,000股H股（上市股份）	41.2%

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

Notes:

Huang Guang Fu is a PRC resident who holds 100% equity interests in Beijing Hua Xia Ding. Pursuant to section 316 of the SFO, Huang Guang Fu is also deemed to be interested in the underlying shares of the Company held by Beijing Hua Xia Ding.
Zhai Mingyue is a PRC resident who holds 100% equity interests in Beijing Li Chuang Future. Pursuant to section 316 of the SFO, Zhai Mingyue is also deemed to be interested in the underlying shares of the Company held by Beijing Li Chuang Future.
Zhang Song is a PRC resident who holds 100% equity interests in Shenzhen Wan Zhong Run Long. Pursuant to section 316 of the SFO, Zhang Song is deemed to be interested in the underlying shares of the Company held by Shenzhen Wan Zhong Run Long.
As notified by HKSCC Nominees Limited, as of 31 December 2020, the following participants of CCASS had interests amounting to 5.00% or more of the total issued H-Shares of the Company as shown in the securities accounts in CCASS:
(1) The Hongkong and Shanghai Banking Corporation Limited as nominee holds 89,354,740 H-Shares, representing 14.76% of the issued H-Shares of the Company.
(2) Bank of China (Hong Kong) Limited as nominee holds 64,830,000 H-Shares, representing 10.70% of the issued H-Shares of the Company.
(3) Ever-long Securities Company Limited as nominee holds 64,428,000 H-Shares, representing 10.64% of the issued H-Shares of the Company.

Save as disclosed above, as at 31 December 2020, the Company has not been notified of any interests and/or short positions in shares, underlying shares, securities, equity derivatives and/or debentures of the Company which are required to be recorded in the register maintained in accordance with section 336 of the SFO.

附註：

黃廣服是中國公民，於北京華夏鼎持有100% 股權。根據證券及期貨條例第316條，黃廣服亦被視為在北京華夏鼎持有的本公司相關股份中擁有權益。
翟明月是中國公民，於北京力創未來持有 100%股權。根據證券及期貨條例第316條，翟明月亦被視為在北京力創未來持有的本公司相關股份中擁有權益。
張松是中國公民，於深圳萬眾潤隆持有100% 股權。根據證券及期貨條例第316條，張松被視為在深圳萬眾潤隆持有的本公司相關股份中擁有權益。
根據香港中央結算（代理人）有限公司的通知，截至2020年12月31日，下列中央結算系統參與者在中央結算系統股票戶口內持有本公司已發行H股股份總數的5.00%或以上：
(1) 香港上海滙豐銀行有限公司代理持有 89,354,740股H股，佔本公司已發行 H股14.76%。
(2) 中國銀行（香港）有限公司代理持有 64,830,000股H股，佔本公司已發行 H股10.70%。
(3) 長雄證券有限公司代理持有 64,428,000股H股，佔本公司已發行 H股10.64%。

除上述披露外，本公司於2020年12月31日並未接獲有任何須按證券及期貨條例第336條須於備存的登記冊所記錄的本公司股份、相關股份、證券、股本衍生工具及╱或債權證中的權益及╱或淡倉。

2020年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

MAJOR CUSTOMERS AND SUPPLIERS

The percentage of sales and purchases for the 2020 Financial Year attributable to the Group’s major customers and suppliers are as follows:

Sales

– the largest customer	94.52%
– five largest customers combined	100%
Purchases
– the largest supplier	100%
– five largest suppliers combined	100%

None of the Directors, their associates or any Shareholder (which to the knowledge of the Directors owns more than 5% of the Company’s issued share capital) has any interest in the Group’s five largest customers and suppliers disclosed above.

COMPLIANCE WITH MODEL CODE FOR SECURITIES

主要客戶及供應商

於2020年財政年度本集團主要客戶及供應商應佔銷售及採購百分比如下：

銷售

－最大客戶	94.52%
－五大客戶合計	100%
採購
－最大供應商	100%
－五大供應商合計	100%

概無董事，彼等的聯繫人或任何股東（據董事所知擁有本公司5%以上已發行股本的股東）於上文所披露的五大客戶及供應商中擁有任何權益。

進行證券交易之標準守則

TRANSACTIONS

The Company has adopted the Model Code as set out in Appendix 10 of the Listing Rules. Following a specific enquiry, all the Directors confirmed that they have complied with the Model Code throughout the 2020 Financial Year.

DIRECTORS’ AND SUPERVISORS’ RIGHT TO ACQUIRE SHARES

本公司已採納載於上市規則附錄10之標準守則。經作出具體查詢後，全體董事確認，彼等於2020年財政年度已遵守標準守則。

董事及監事收購股份或債權證的權利

OR DEBENTURES

None of the Directors and supervisors or their respective associates was granted by the Company or its subsidiaries any right to acquire Shares or debentures of the Company or any other body corporate, or had exercised any such right during the 2020 Financial Year.

PURCHASE, SALES OR REDEMPTION OF LISTED SECURITIES

The Company has not redeemed any of its Shares during the year. Neither the Company nor any of its subsidiaries had purchased or sold any of the Company’s listed Shares during the year.

於2020年財政年度，概無董事及監事或彼等各自的聯繫人獲本公司或其附屬公司授予任何權益以收購本公司或任何其他法團的股份或債權證，且亦無行使有關權利。

購買、銷售或贖回上市證券

於本年度內，本公司概無贖回其任何股份。於本年度內，本公司或其任何附屬公司概無購買或銷售本公司任何上市股份。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

CONNECTED TRANSACTIONS

Details of the significant related party transactions entered into by the Group under the applicable accounting standards during the 2020 Financial Year are set out in Note 41 to the consolidated financial statements.

None of the related party transactions disclosed in the Note 41 to the consolidated financial statements constituted connected transactions or continuing connected transactions as defined in the Listing Rules which are subject to the reporting, announcement or independent Shareholders’ approval requirements under the Listing Rules.

BUSINESS REVIEW

A review of the business of the Group for the 2020 Financial Year and a discussion of the Group’s future prospects are set in the Management Discussion and Analysis on pages 7 to 21 and the Chairman’s Statement on pages 4 to 6 of this annual report respectively.

Risks and uncertainties

The principal risks and uncertainties facing the Group have been addressed in the Chairman’s Statement on pages 4 to 6 and the Management Discussion and Analysis on pages 7 to 21 of this annual report respectively.

In addition, various financial risks have been disclosed in the notes to the consolidated financial statements of this annual report.

Likely development in the Group’s business

The likely development of the Group is shown in the business prospect section in the Management Discussion and Analysis and Chairman’s Statement in this annual report.

An analysis using financial key performance indicators

The relevant financial key performance indicators relating to the business of the Group are set out in the Financial Review section in the Management Discussion and Analysis and the consolidated financial statements in this annual report.

關連交易

有關本集團於2020年財政年度根據適用會計準則訂立重大關連方交易的詳情，載於綜合財務報表附註41。

概無綜合財務報表附註41所披露的關連方交易構成上市規則所界定的關連交易或持續關連交易而須遵守上市規則的申報、公告或獨立股東批准規定。

業務審視

對本集團於2020年財政年度業務的審視及本集團未來前景的討論分別載於本年報第7頁至第21頁的管理層討論與分析及第4頁至第6頁的主席報告內。

風險及不確定性

本集團所面臨的主要風險及不確定性已分別於本年報第4頁至第6頁的主席報告及本年報第7頁至第21頁的管理層討論與分析中提述。

此外，各種財務風險已於本年報綜合財務報表附註中披露。

本集團業務的潛在發展

本集團業務的潛在發展載於本年報管理層討論與分析的業務展望及主席報告內。

利用財務主要表現指標的分析

與本集團業務有關的相關財務主要表現指標載於本年報管理層討論與分析的財務回顧一節及綜合財務報表內。

2020年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

Environmental policies and performance

Environment protection is critical to the long term development of the Group. The Group places importance in the management practice so as to minimize waste, maximize efficiencies and reduce negative impact to the environment.

Relationships with employees, customers, suppliers and others

The Group ensures all staff are reasonably remunerated and regularly reviews the employment polices on remuneration and other benefits.

The Group maintains a good relationship with its customers and suppliers. The Group maintains close contacts with the customers and has regular review of requirements of customers and complaints. The Group will conduct appraisal of the performance of suppliers on regular basis.

Compliance with Laws and Regulations

The Group recognises the importance of compliance with regulatory requirements and risks of non-compliance with such requirements. The Group has an on-going review of the new enacted laws and regulations affecting the operations of the Group. The Group is not aware of any material non-compliance with the laws and regulations that have significant impact on the business of the Group.

COMPETING INTERESTS

None of the Directors or any of their respective associates, has engaged in any business that competes or may compete with the business of the Group, nor has any other conflict of interest with the Group.

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the knowledge of the Directors, the Company has maintained the prescribed public float under the Listing Rules as at the date of this report.

環保政策及表現

環保對本集團長遠發展至關重要。本集團十分重視管理層對減廢增效及降低對環境造成負面影響所採取的措施。

與僱員、客戶、供應商及其他各方的關係

本集團確保全體員工獲發合理薪酬，並定期檢討有關薪酬及其他福利的僱傭政策。

本集團與其客戶及供應商維持良好關係。本集團與客戶保持緊密聯繫，並定期檢討客戶需求及投訴。本集團將定期對供應商的表現進行評估。

遵從法律法規

本集團重視遵從監管規定及因違反有關規定帶來的風險。本集團持續檢討影響本集團業務的新頒佈法律法規。本集團不知悉有任何重大的法律法規違規情況而對本集團業務造成重大影響。

競爭權益

董事或彼等各自的任何聯繫人概無從事任何與本集團業務構成競爭或可能構成競爭的業務，亦無與本集團有任何其他利益衝突。

足夠的公眾持股量

根據本公司公開可得的資料及據董事所知，本公司於本報告日期已根據上市規則維持指定的公眾持股量。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

EVENTS AFTER THE REPORTING PERIOD

Details of significant events after the reporting period and up to the date hereof are set out in Note 44 to the consolidated financial statement.

AUDITOR OF THE COMPANY

The consolidated financial statements of the Company for the 2020 Financial Year have been audited by Asian Alliance (HK) CPA Company Limited, who will retire and, being eligible, offer themselves for re-appointment. The Company will propose relevant resolutions at the forthcoming annual general meeting of the Company in this regard.

On behalf of the Board

Zhang Jing Ming

Chairman

Shenyang, The PRC, 31 March 2021

報告期後事件

有關報告期後及截至本報告期發生的重大事件詳情載於綜合財務報表附註44。

本公司核數師

本公司2020年財政年度之綜合財務報表已由華融（香港）會計師事務所有限公司審核，其將退任惟符合資格並願意重選連任，本公司將就此於本公司應屆股東週年大會提呈相關決議案。

代表董事會

張敬明

董事長

中國 • 瀋陽，2021年3月31日

2020年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

The Board is committed to maintain high standard of corporate governance practices and business ethics which are essential for maintaining and promoting investors’ confidence and maximising Shareholders’ returns. The Board reviews its corporate governance practices from time to time to comply with the regulatory requirements, and to improve the in corporate governance practice.

CODE OF CORPORATE GOVERNANCE

The Company has complied with the applicable code of provisions of the CG Code set out in Appendix 14 of the Listing Rules throughout for the 2020 Financial Year, except the following:

Code provision A.1.8 of the CG Code requires that the Company should arrange appropriate insurance cover in respect of legal action against its Directors. The Company did not arrange such insurance cover during the 2020 Financial Year as Directors considered that the risk of material legal claims against Directors is minimal. Nevertheless, the Board will review this arrangement from time to time in light of the prevailing circumstances and arrange for appropriate insurance coverage when necessary.

BOARD OF DIRECTORS AND BOARD MEETING

The Board, which currently comprises 8 Directors, is responsible for the formulation of corporate strategy and risk management to protect Shareholders’ interest. Daily operation and administration delegated by the Board to the executive Directors and the management.

The brief biographical details of each Director are set out in the section headed Profiles of Directors and Senior Management of this report. All Directors have given sufficient time and attention to the affairs of the Group. The composition of the Board is well balanced as all Directors have experience in their field of expertise with a balance of skills, knowledge and experience relevant to the operation of the Group.

The Board has three independent non-executive Directors who have appropriate and sufficient experience and qualifications. In addition, two non-executive Directors are appointed to provide guidance to the Board.

The Company has received an annual written confirmation from each of the independent non-executive Directors of their independence pursuant to the Listing Rules and considers them to be independent of the management.

董事會致力於維持高水準的企業管治常規及商業道德，其乃維持及提升投資者信心以及為股東帶來最高回報的根本。董事會不時檢討其企業管治常規，以遵守監管要求，以及改善企業管治實務。

企業管治守則

於2020年財政年度，本公司一直遵守載於上市規則附錄14之企業管治守則之適用守則條文，惟以下除外：

企管守則之守則條文A.1.8規定，本公司應就對其董事之法律行動投購合適之保險覆蓋。由於董事認為對董事提出重大法律索償之風險不大，故2020年財政年度本公司並無投購有關保險覆蓋。然而，董事會將視乎當前狀況不時檢討此安排，並於有需要時投購合適之保險覆蓋。

董事會及董事會會議

董事會現由8名董事組成，負責制定公司策略及風險管理以保障股東權益。董事會指派執行董事及管理層負責日常營運及行政。

各董事簡歷詳情載於本報告「董事及高級管理層介紹」一節。全體董事已就本集團事務付出充足時間及心力。董事會之組成保持適當平衡，各董事在本身之專業範圍均為資深人士，擁有與本集團業務相關的適當技能、知識及經驗。

董事會擁有三名具有適當及豐富相關經驗及資格的獨立非執行董事。此外，兩名非執行董事已獲委任，以向董事會提供指引。

本公司已接獲各獨立非執行董事根據上市規則有關其獨立性的年度確認書，並認為彼等獨立於管理層。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

The terms of appointment for all the executive Directors, nonexecutive Directors and independent non-executive Directors are 3 years. All Directors shall be elected and removed by the Shareholders in general meeting according to the Articles.

The policy relating to the board diversity of the Group sets up the approach to achieve diversity on the Board in order to ensure the Board has the required skills, experience, knowledge, expertise and other qualities of the members of the Board. The composition of the Board and its committee is regularly reviewed by considering the benefits of all aspects of diversity. The board diversity policy shall be reviewed by the nomination committee of the Company, as appropriate, to ensure its effectiveness.

TRAININGS OF DIRECTORS

All newly appointed Directors be provided with necessary induction and information to ensure that they have a proper understanding of the Group’s businesses and their statutory supervision responsibilities as directors of listed companies. The Company will update the Directors on the latest development regarding the Group’s businesses as well as the Listing Rules and other applicable regulatory requirements, where appropriate. In addition, all Directors are encouraged to participate in training programmes held by qualified professionals in relation to the revised code and amendments to the relevant Listing Rules, so as to develop and update their knowledge and skills.

During the 2020 Financial Year, all the Directors have participated in proper continuous professional development trainings to update their knowledge and skills by attending briefings, conferences, programmes, workshops and seminars as well as by way of further education and self-study, so as to understand their roles, functions and responsibilities.

所有執行董事、非執行董事和獨立非執行董事的任期均為三年。按照公司章程，所有董事都必須在股東大會上由股東選舉和罷免。

與本集團董事會多元化相關的政策載列如何達成董事會多元化的方法，以確保董事會成員具備所需技能、經驗、知識、專長及其他元素。董事會及其委員會的組成會定期進行檢討，以評估多元化於各範疇的好處。董事會多元化政策應由本公司提名委員會（如適用）審閱以確保其成效。

董事培訓

各新委任的董事將獲得所需的入職培訓及資訊，以確保他們對本集團業務及上市公司董事的法定監管責任有適當的理解。另外，本公司除了向董事提供有關本集團業務及上市規則和其他適用監管規定（如適用）之最新發展概況外，亦鼓勵全體董事參加由合資格專業人士所舉辦，有關經修訂之守則及相關上市規則之培訓課程，以發展及更新董事的知識和技能。

於 2020 年財政年度內，所有董事均以出席簡報會、會議、課程、工作坊和研討會、教學、自讀等方式完成適當的持續專業發展培訓，以更新自己的知識和技能，確保充分瞭解其角色、職能及責任。

2020年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

Attendance of individual Director at Board meetings for 2020 Financial Year are as follows:

2020年財政年度每位董事出席董事會的考勤紀錄如下：

Number of meeting	會議次數	9
Executive Directors:	執行董事：
Mr. Zhang Jing Ming	張敬明先生	9
Mr. Leng Xiao Rong	冷小榮先生	9
Mr. Chau Ting Yan	周霆欣先生	9
Non-executive Directors:	非執行董事：
Mr. Yin Zong Chen	尹宗臣先生	9
Mr. Ye Zhi E	葉智鍔先生	9
Independent Non-executive Directors:	獨立非執行董事：
Mr. Chan Ming Sun Jonathan (resigned on	陳銘燊先生（於2020年11月12日辭任）	6
12 November 2020)
Mr. Guo Lu Jin	郭魯晉先生	9
Mr. Luo Zhuo Qiang (appointed on 12 November 2020) 羅卓強先生（於2020年11月12日獲委任）		1
Ms. Gao Hong Hong	高紅紅女士	9

All Directors have access to the advice and assistance of the Joint Company Secretaries in relation to the Board procedures and corporate governance matters.

全體董事可就董事會程序及企業管治事宜尋求聯席公司秘書的意見及協助。

The minutes of the Board meetings recorded all the matters discussed by the Board and the matters resolved. Minutes of Board meetings are kept by the Joint Company Secretaries and are available for inspection by any Director or committee members.

董事會會議記錄載列董事會討論之所有事務及議決事宜，乃由聯席公司秘書備存，以供任何董事或委員會成員查閱。

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

主席及行政總裁

The role of the chairman and the chief executive officer of the Company are segregated and not exercised by the same individual. The chairman is Mr. Zhang Jing Ming and the chief executive officer is Mr. Huang Chunfeng.

本公司主席及行政總裁之職務分開，並非由同一人擔任。主席為張敬明先生，行政總裁為黃春鋒先生。

With the support of the Joint Company Secretaries, the chairman of the Company ensures all the Directors are provided adequate information on matters discussed in the Board meeting in a timely manner.

在聯席公司秘書的協助下，本公司主席確保全體董事可及時獲得董事會會議所討論事宜之充分資料。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

REMUNERATION OF COMMITTEE

薪酬委員會

T h e r e m u n e r a t i o n c o m m i t t e e o f t h e C o m p a n y ( t h e “ Remuneration Committee ”) was established on 12 February 2012 with written terms of reference in compliance with the CG Code. The majority of committee members are independent nonexecutive Directors and the committee chairman is Mr. Guo Lu Jin. Other committee members are Mr. Luo Zhuo Qiang and Mr. Ye Zhi E.

本公司薪酬委員會（「薪酬委員會」）於2012年 2月12日成立，並按照企業管治守則制定書面職權範圍。大部份委員會成員為獨立非執行董事，且委員會主席為郭魯晉先生，其他委員會員為羅卓強先生及葉智鍔先生。

The roles of the Remuneration Committee include the determination of the specific remuneration packages of all executive Directors, including benefits in kind, pension benefits and compensation payments (including any compensation payable for loss of office or engagement), and make recommendations to the Board about the remuneration of the non-executive Directors.

薪酬委員會的職務包括釐定全體執行董事的特定薪酬組合，包括實物利益、退休福利及補償金，包括離職或入職補償，以及就非執行董事的薪酬向董事會提供建議。

Details of the attendance of the Remuneration Committee meetings are as follows:

薪酬委員會會議的考勤紀錄詳情如下：

Number of meetings	會議次數	1
Mr. Guo Lu Jin	郭魯晉先生	1
Mr. Chan Ming Sun Jonathan (resigned on 12 November 2020) 陳銘燊先生（於2020年11月12日辭任）		0
Mr. Ye Zhi E	葉智鍔先生	1
Mr. Luo Zhuo Qiang (appointed on 12 November 2020)	羅卓強先生（於2020年11月12日獲委任）	0

The Remuneration Committee has considered and reviewed the existing terms of employment contracts of the executive Directors and the non-executive Directors.

薪酬委員會已經考慮和檢討了執行董事和非執行董事目前的僱用合約條款。

The remuneration of the senior management by band for the 2020 Financial Year are set out in Note 15 to the consolidated financial statements.

2020年財政年度高級管理層的薪酬範圍載於綜合財務報表附註15。

NOMINATION COMMITTEE

提名委員會

The Company established the nomination committee on 12 February 2012 with written terms of reference in compliance with the CG Code. The majority of committee members are independent non-executive Directors and the committee chairman is Mr. Zhang Jing Ming, the other members include Mr. Guo Lu Jin and Ms. Gao Hong Hong.

本公司於2012年2月12日成立提名委員會，並按照企業管治守則制定書面職權範圍。大部份委員會成員為獨立非執行董事，且委員會主席為張敬明先生，其他委員會成員為郭魯晉先生及高紅紅女士。

2020年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

The duties of the nomination committee of the Company are reviewed and updated as follows:

to review the structure, size and composition (including skills, knowledge and experience, length of service and diversity of perspectives) of the Board at least annually and to make recommendations on any proposed changes to the Board to complement the Company’s corporate strategy;
to develop the criteria for identifying and assessing the qualifications of and evaluating candidates for directorship;
to identify individuals who are qualified/suitable to become a member of the Board and to select or make recommendations to the Board on the selection of individuals nominated for directorships. Academic and professional qualifications, business experience, expertise, knowledge and diversity of perspectives required from members of the Board as well as other requirements under the Listing Rules will be assessed to determine if the nomination is suitable;
to assess the independence of independent non-executive Directors to determine their eligibility;
to make recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors, in particular, the chairman and the chief executive and the policy concerning the diversity of the Board members, and the measurable objectives for implementing such policy;
to review and implement the board diversity policy, as appropriate and review the measurable objectives that the Board has set for implementing the board diversity policy, and the progress on achieving these objectives;
to review and implement the nomination policy of the Company, as appropriate. This includes the nomination procedures and the process and criteria to select and recommend candidates for directorship set out in the nomination policy of the Company; and
other matters authorized by the Board.

本公司提名委員會的職責經檢討及更新後如下：

至少每年檢討董事會的架構、人數及組成（包括技能、知識、經驗、服務年期及多元化範疇方面），並就任何為配合本公司的企業策略而擬對董事會作出的變動向董事會提出建議；
制訂有關物色及評核董事人選的資格，以及評估有關人選的準則；
物色具備合適╱適當資格可擔任董事的人士，並挑選提名有關人士出任董事或就此向董事會提供意見。於釐定有關提名是否適合時，將評核獲提名人士的學術及專業資格、業務經驗、專業技能、知識及多元化範疇方面以符合董事會成員之要求以及上市規則不時規定之其他要求；
評核獨立非執行董事的獨立性，以確定他們是否符合資格；
就董事委任或重新委任以及董事（尤其是董事會主席及行政總裁）繼任計劃及董事會成員多元化政策以及為執行該政策而制定的可計量目標的有關事宜向董事會提出建議；
在適當情況下檢討及執行董事會成員多元化政策；及檢討董事會為執行董事會成員多元化政策而制定的可計量目標和達標進度；
在適當情況下檢討及執行本公司提名政策。這包括載列於本公司提名政策內的提名程式以及遴選及推薦候選人為董事的準則；及
董事會授權的其他事宜。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

Details of the attendance of the nomination committee meetings are as follow:

提名委員會會議的考勤記錄詳情如下：

Number of meetings	會議次數	2
Mr. Zhang Jing Ming	張敬明先生	2
Ms. Gao Hong Hong	高紅紅女士	2
Mr. Guo Lu Jin	郭魯晉先生	2

AUDIT COMMITTEE

審核委員會

The Company established an audit committee (the “ Audit Committee ”) with written terms of reference in compliance with the CG Code.

本公司成立審核委員會（「審核委員會」），並按照企業管治守則制定書面職權範圍。

The major duties of the Audit Committee are reviewed and updated as follows:

審核委員會的主要職責經檢討及更新後如下：

to be primarily responsible for making recommendations to the Board on the appointment, reappointment and removal of the external auditor, and to approve the remuneration and terms of engagement of the external auditor, and to handle any problems of his or her resignation or dismissal;
主要負責就外聘核數師的委任、重新委任及罷免向董事會提供建議、批准外聘核數師的薪酬及聘用條款，及處理任何有關該核數師辭職或辭退該核數師的問題；
to review and monitor the external auditor's independence, objectivity, and the effectiveness of the audit process in accordance with applicable standards. The Audit Committee should discuss with the auditor the nature, scope of the audit, and reporting obligations before the audit commences;
按適用的標準檢討及監察外聘核數師是否獨立客觀及核數程序是否有效；審核委員會應於核數工作開始前先與核數師討論核數性質及範疇及有關申報責任；
to monitor the integrity of the Company’s financial statements, annual reports and accounts, interim reports and, if prepared for publication, quarterly reports, and to review significant financial reporting judgments contained in them;
監察本公司的財務報表以及年度報告及賬目、中期報告及（若擬刊發）季度報告的完整性，並審閱報表及報告所載有關財務申報的重大意見；
to review the Company’s financial controls, and unless expressly addressed by a separate Board risk committee, or by the Board itself, to review the Company’s risk management and internal control systems;
檢討本公司的財務監控，以及（除非有另設的董事會轄下風險委員會又或董事會本身會明確處理）檢討本公司的風險管理及內部監控系統；
to ensure co-ordination between the internal and external auditors, and to ensure that the internal audit function is adequately resourced and has the appropriate standing within the Company, and to review and monitor its effectiveness; and
確保內部和外聘核數師的工作得到協調；也須確保內部審核功能在本公司內有足夠資源運作，並且享有適當的地位，以及檢討及監察其成效；及
to review the financial and accounting policies and practices of the Company and its subsidiaries.
檢討本公司及其附屬公司的財務及會計政策及實務。

2020年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

The Audit Committee comprises two independent non-executive Directors and one non-executive Director. The chairman of the Audit Committee is Mr. Luo Zhuo Qiang. The Audit Committee held 3 meetings during the 2020 Financial Year.

審核委員會由兩名獨立非執行董事及一名非執行董事組成。審核委員會主席為羅卓強先生。本公司在2020年財政年度內共召開3次審核委員會會議。

Details of the attendance of the audit committee meetings are as follow:

審核委員會會議的考勤紀錄詳情如下：

follow:
Number of meetings	會議次數	3
Mr. Chan Ming San Jonathan (resigned on 12 November 2020) 陳銘燊先生（於2020年11月12日辭任）		3
Mr. Yin Zong Chen	尹宗臣先生	3
Mr. Luo Zhuo Qiang (appointed on 12 November 2020)	羅卓強先生（於2020年11月12日獲委任）	0
Ms. Gao Hong Hong	高紅紅女士	3

The Group’s unaudited interim results for the six months ended 30 June 2020 and audited annual results for the year ended 31 December 2020 have been reviewed by the Audit Committee, in relation to the compliance with the applicable accounting standards and requirements and that adequate disclosures have been made.

本集團於截至2020年6月30日止六個月的未經審核中期業績以及截至2020年12月31日止年度的經審核全年業績已由審核委員會按照適用會計準則及規定審閱，並已作出充分披露。

The Audit Committee has met the external auditor without the presence of executive Directors.

審核委員會已在沒有執行董事的情況下會見外聘核數師。

AUDITOR'S REMUNERATION

核數師酬金

The Audit Committee is responsible for considering the appointment of the external auditor and reviewing any non-audit functions performed by the external auditor. During the 2020 Financial Year, the Company paid an aggregate of approximately RMB1,155,000 to the external auditor (including auditor of the PRC subsidiaries) of which auditing services of approximately RMB980,000 and non-audit services of approximately RMB175,000 respectively.

審核委員會負責考慮外聘核數師的委任及審查外聘核數師進行的任何非核數工作。於 2020年財政年度，本公司已向外聘核數師（包括中國附屬公司的核數師）支付合共約人民幣1,155,000元，作為其所提供核數服務（約人民幣980,000元）及非核數服務（約人民幣 175,000元）的酬金。

MODEL CODE FOR SECURITIES TRANSACTIONS

證券交易標準守則

本公司已採納上市規則附錄 10 所載的標準守則。經具體查詢後，全體董事確認彼等於 2020年財政年度均遵守標準守則。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES FOR ACCOUNTS

The Board acknowledges its responsibility for preparing the Company’s financial statement showing a true and fair view of the financial position of the Group and in accordance with the statutory requirements and applicable accounting standards. The statement of the auditor of the Company regarding their reporting responsibility to the Shareholders on the consolidated financial statement of the Group is set out in the Independent Auditor’s Report.

FINANCIAL REPORTING AND INTERNAL CONTROL

FINANCIAL REPORTING

The Board is responsible for preparing the financial statements of the Company and the Group with the supports of finance department of the Group. In preparing the financial statements, the Board has applied the Hong Kong Financial Reporting Standards and consistently followed the appropriate accounting policies and provisions of laws.

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has overall responsibilities for maintaining a sound and effective risk management and internal control system within the Group. The Group’s system of internal control and risk management includes a defined management structure with limits of authority, and is designed to help the Group achieve its business objectives, safeguard its assets against unauthorised use or disposition, ensure the maintenance of proper accounting records for the provision of reliable financial information for internal use or for publication, and ensure compliance with relevant laws and regulations. The system is designed to provide reasonable, but not absolute, assurance against material misstatement or loss, and to manage rather than eliminate risks of failure in the Group’s operational systems and in the achievement of the Group’s business objectives.

The Board is also responsible for reviewing from time to time the effectiveness of the Group’s risk management and internal control system, including the adequacy of resources, staff qualifications and experience of the Group’s accounting, internal audit and financial reporting functions.

董事及核數師對賬目之責任

董事會確認其有責任根據法定規定及適用會計準則來編製本公司的財務報表，以真實及公平地反映本集團的財務狀況。本公司核數師就本集團綜合財務報表對股東作出的申報責任聲明，載於獨立核數師報告。

財務報告及內部監控

財務報告

董事會負責在本集團財務部的協助下編製本公司及本集團的財務報表。於編製財務報表過程中，董事會已採納香港財務報告準則並貫徹遵守適當會計政策及法律規定。

風險管理及內部控制

董事會全權負責維持本集團健全和有效之風險管理及內部控制系統。本集團內部控制及風險管理系統，包括界定管理架構及其相關之權限，以協助本集團達致其業務目標、保管資產以防未經授權之使用或處理、確定適當之會計紀錄得以保存並可提供可靠之財務資料供內部使用或對外發放，並確保符合相關法例與規則。該系統旨在就不會出現嚴重誤報或損失的情況提供合理（而非絕對）保證，並管理（而非消除）本集團經營系統失誤及未能達到業務目標的風險。

董事會亦負責不時審閱本集團風險管理及內部監控系統的有效性，包括資源、員工資歷及本集團會計、內部審計及財務報告職能的經驗是否足夠。

2020年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

The Group has engaged CT Consultants Limited to provide internal audit functions to review the control environment, risk assessment, control activities, information system and monitoring progress of the Group during the 2020 Financial Year and reported its findings to the Audit Committee.

The Board has reviewed the Group’s risk management and internal control system during the 2020 Financial Year, including the report of CT Consultants Limited and the explanations by the management. Issues raised for improvement had been identified and appropriate actions were recommended.

An inside information handling policy is in place to enable the Group to handle inside information. The Board as a whole is responsible for identifying and considering the disclosure requirements and guidelines regarding inside information.

MANAGEMENT FUNCTIONS

The Board is responsible for formulating overall corporate strategy, monitoring and controlling of the performance of the Group whereas the management is responsible for the daily hands on operation.

When the Board delegates its management and administrative functions to the management, it has given clear directions as to the powers of the management and the circumstances where, the management on behalf of the Company shall obtain prior approval from the Board before making decisions or entering into any commitments.

JOINT COMPANY SECRETARIES

Ms. Qian Fang Fang was appointed as Joint Company Secretary of the Company on 6 March 2014. Mr. Chung Man Wai, Stephen, engaged from external service provider, was appointed as Joint Company Secretary of the Company on 8 September 2020. Mr. Zhang Jing Ming, the chairman of the Company, is the primary contact for external company secretary. Each of Ms. Qian and Mr. Chung undertook not less than 15 hours of relevant professional training during the 2020 Financial Year.

DIVIDEND POLICY

The dividend policy of the Company (the “ Dividend Policy ”) has been adopted by the Board on 29 March 2019. Under the Dividend Policy, provided that the Group is profitable and without affecting the normal operations of the Group, the Company may consider to declare and pay dividends to the Shareholders.

本集團已於2020年財政年度委聘思天顧問有限公司提供內部審計工作，以審閱本集團的監控環境、風險評估、監控活動、訊息系統及監察程序，並向審核委員會匯報其審閱結果。

董事會已於2020年財政年度審閱本集團之風險管理及內部監控系統，包括思天顧問有限公司之報告及管理層之解釋。已識別一些需要改進之事宜並建議適當之行動。

本公司亦已制定內幕消息處理政策，使本集團能夠處理內幕消息。董事會上下負責識別及考慮有關內幕消息的披露規定及指引。

管理功能

董事會負責制訂整體企業策略、監察及控制本集團的表現，而日常管理集團業務營運則是管理層的責任。

當董事會將其管理及行政功能方面的權力轉授予管理層時，已同時就管理層的權力給予清晰的指引，特別是管理層在代表本公司作出任何決定或訂立任何承諾前應取得董事會批准等事宜方面。

聯席公司秘書

錢芳芳女士於2014年3月6日獲委任為本公司的聯席公司秘書。鍾文偉先生於2020年9月 8日透過外聘服務供應商獲委任為本公司的聯席公司秘書。本公司主席張敬明先生為外聘公司秘書的主要聯絡人。於2020年財政年度，錢女士及鍾先生各自已接受不少於15小時的相關專業培訓。

股息政策

本公司董事會於2019年3月29日採納股息政策（「股息政策」）。根據股息政策，倘本集團錄得盈利及不影響本集團之正常營運，本公司可考慮向股東宣派及派付股息。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

The Company considers stable and sustainable returns to the Shareholders to be its goal. In deciding whether to propose a dividend and in determining the dividend amount, the Board takes into account, among others:

financial performance, liquidity position, business condition and strategies of the Group;
actual and future operation and demands for liquidity of the Group;
expected future expansion plan of the Group;
gearing ratio, credit facilities and indebtedness level of the Group;
gains, losses, retained profits and distributable reserves of the Group;
expectation of the Shareholders and investors and industrial practices;
general market condition;
any restrictions against declaration of dividends; and
any other relevant factors which the Board may deem appropriate.

In proposing or declaring dividends, the Company shall maintain adequate cash reserves for meeting its working capital requirements, future growth and its shareholding value. In accordance with the Articles, all applicable regulations and factors above, the Board may, from time to time, pay interim dividends or special dividends to the Shareholders which the Board considers reasonable after taking into account of the financial condition and profit of the Company, and the Company may also announce final dividends in forms of any currencies at the general meeting, provided that any dividend must not exceed the amount proposed by the Board.

The Board will continue to review the Dividend Policy from time to time and reserves the right in its sole and absolute discretion to update, amend and/or modify the Dividend Policy at any time. The Dividend Policy shall in no way constitute a legally binding commitment by the Company in respect of its future dividend and/or in no way obligate the Company to declare a dividend at any time or from time to time.

本公司以提供穩定及可持續回報予股東作為目標。在決定是否建議派發股息及釐定股息金額時，董事會將考慮（其中包括）：

本集團的財務業績、現金流狀況、業務狀況及策略狀況；
本集團的實際和未來營運及流動資金需求狀況；
本集團預期未來擴展計劃；
本集團的資產負債比率、信貸額度及債務水平；
本集團的收益、虧損、保留盈餘和可供分派儲備；
股東及投資者的期望及行業的常規；
一般市場情況；
任何派付股息的限制；及
董事會認為適當的任何其他相關因素。

在建議或宣派股息時，本公司應維持足夠現金儲備，以應付其資金需求、未來增長以及其股權價值。根據公司章程、所有適用法規及以上所列因素，董事會可不時向股東支付其鑒於本公司的財務狀況及溢利而認為合理的中期股息或特別股息，而本公司亦可在股東大會中宣佈任何貨幣之末期股息，但任何股息均不得多於董事會所建議的款額。

董事會將持續不時檢討股息政策，並保留權利全權及絕對酌情隨時更新、修訂及╱或修改股息政策。股息政策不會以任何方式構成本公司有關其未來股息之具法律約束力之承諾及╱或不會以任何方式令本公司有責任於任何時間或不時宣派股息。

2020年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

COMMUNICATION WITH SHAREHOLDERS

The Company considers that effective communication with the Shareholders is essential for enhancing investor relations and for investors to understand the Group’s business performance and strategies. The Company also recognises the importance of transparency and timely disclosure of corporate information, which will enable Shareholders and investors to make the best investment decisions.

The Company maintains a website at www.shenyang747.com, to provide up-to-date information on the Company’s business operations and developments, financial information, and corporate governance practices.

The Company endeavours to maintain an on-going dialogue with its Shareholders, in particular, through annual general meeting of the Company (the “ AGM ”) or other general meetings to communicate with the Shareholders and encourage their participation. The chairman of the Board as well as the chairmen of the Audit Committee, nomination committee and Remuneration Committee of the Company will make themselves available at the AGM to meet with the Shareholders.

The chairman of the Board, the chairman or the representatives of each committee together with the external auditor have attended the AGM to answer any questions raised by the Shareholders.

The forthcoming AGM of the Company will be held in June 2021. The notice of AGM will be sent to the Shareholders in due course.

The Company will continue to maintain an open and effective investor communication policy and to update investors on relevant information on the Group’s business in a timely manner, subject to relevant regulatory requirement.

SHAREHOLDERS’ RIGHTS

To safeguard Shareholders’ interests and rights, a separate resolution is proposed for each substantially separate issue at general meetings, including the election of individual Director.

All resolutions put forward at general meetings will be voted on by poll pursuant to the Listing Rules and poll results will be posted on the websites of the Company and of the Stock Exchange after each general meeting.

與股東的溝通

本公司認為，與股東之有效溝通對加強投資者關係及投資者對本集團業務表現及策略之理解非常重要。本公司亦確認透明度及適時披露公司資料之重要性，其使股東及投資者可作出最佳投資決定。

本公司設有網站www.shenyang747.com，以提供本公司業務經營及發展、財務資料及企業管治常規之最新資料。

本公司努力維持與其股東的持續交流，特別是透過本公司股東週年大會（「股東週年大會」）或其他股東會議與股東進行溝通並鼓勵其參加。本公司董事會主席、審核委員會主席、提名委員會主席及薪酬委員會主席將出席股東週年大會與股東會面。

董事會主席、各委員會主席或代表連同外聘核數師已出席股東週年大會，以回應股東提出的任何提問。

本公司即將於2021年6月召開應屆股東週年大會。股東週年大會通告將於稍後寄發予股東。

本公司將繼續維持開放、有效的投資者溝通政策，並及時向投資者提供有關本集團業務的最新資料，惟須遵守相關監管規定。

股東權利

為保障股東的利益及權利，本公司會於股東大會上就每項獨立事項，包括選舉個別董事，提出獨立決議案。

於股東大會上提呈之所有決議案將根據上市規則按股數投票表決，投票結果將於每屆股東大會結束後於本公司及聯交所網站刊登。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

Two or more Shareholders holding in aggregate 10 per cent or more of the shares carrying the right to vote at the meeting may, in accordance with the requirements set out in the Articles, make a requisition to the Board to convene an extraordinary general meeting of the Company stating the objective of the meeting. The Board shall as soon as possible proceed to convene the extraordinary general meeting of the Shareholders or a class meeting after receiving the requisition.

SHAREHOLDERS ENQUIRIES

Any enquiries regarding the shareholding of H-Shares, including the transfer of shares, change of address, loss of certificate etc, should be sent to the Company’s H-Share Registrar and Transfer Office, Hong Kong Registrar Limited at Rooms 1712–16, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong.

Any enquires relating to the Company should be sent to the Company’s business premise for the attention of the chairman of the Board.

CONSTITUTION DOCUMENTS

The Articles is published on the website of the Company and the Stock Exchange.

根據公司章程規定，兩名或以上持有附有權利於會上投票的股份合共 10% 或以上的股東，可向董事會提出請求召開本公司股東特別大會，並列明會議目的。董事會於收到請求後應在可行情況下儘快落實召開股東特別大會或類別大會。

股東查詢

有關H股股權的任何查詢（包括股份過戶、更改地址、遺失股票等）應提交本公司的H股份過戶登記處香港證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓 1712–16室。

有關本公司的任何查詢應提交本公司經營地點致董事會主席。

憲法文件

公司章程刊登於本公司及聯交所的網站內。

2020年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

TO THE MEMBERS OF

致瀋陽公用發展股份有限公司股東

SHENYANG PUBLIC UTILITY HOLDINGS COMPANY LIMITED 瀋陽公用發展股份有限公司

(incorporated in People’s Republic of China with limited liability)

OPINION

We have audited the consolidated financial statements of Shenyang Public Utility Holdings Company Limited (the “ Company ”) and its subsidiaries (collectively referred to as the “ Group ”) set out on pages 61 to 263, which comprise the consolidated statement of financial position as at 31 December 2020, and the consolidated statement of profit or loss, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2020, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“ HKFRSs ”) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“ HKSAs ”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“ the Code ”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

（於中華人民共和國註冊成立的有限公司）

意見

我們已審計瀋陽公用發展股份有限公司（「貴公司」）及其附屬公司（統稱「貴集團」）刊於第61頁至263頁的綜合財務報表，包括於 2020年12月31日的綜合財務狀況表以及截至該日止年度的綜合損益表、綜合損益及其他全面收益表、綜合權益變動表及綜合現金流量表以及綜合財務報表附註（包括主要會計政策概要）。

我們認為，該等綜合財務報表已根據香港會計師公會（「香港會計師公會」）頒佈的香港財務報告準則（「香港財務報告準則」）而真實及公允地反映了貴集團於2020年12月31日的綜合財務狀況及截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港公司條例的披露規定妥為編製。

意見之基準

我們按照香港會計師公會頒佈的香港核數準則（「香港核數準則」）進行審計。我們根據該等準則的責任詳載於我們的報告內核數師就審計綜合財務報表承擔的責任一節。根據香港會計師公會頒佈的專業會計師操守守則（「守則」），我們獨立於貴集團，且我們已履行根據守則的其他操守責任。我們相信，我們所獲取的審計憑證能充足及適當地為我們的意見提供基礎。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS

關鍵審計事項

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在對綜合財務報表整體進行審計並形成意見的背景下進行處理的，我們不對這些事項提供單獨的意見。

Key audit matter How our audit addressed the key audit matter 關鍵審計事項該關鍵審計事項在審計中是如何應對的

Impairment assessment of deposit paid for acquisition of properties

就收購物業所支付訂金的減值評估

As disclosed in Note 24 (a) to the consolidated financial statements, at 31 December 2020, deposit of approximately RMB149,100,000 (the “ Properties Deposits ”) was paid for acquisition of properties (the “ Properties Acquisition ”).

Our audit procedures in relation to management’s assessment on impairment of deposit paid for acquisition of properties included:

Obtaining the agreement to understand the terms of the Properties Acquisition;
Performing an independent check on the ownership of the land in which the properties located;
Obtaining the valuation report from an independent professional valuer related to the properties and assessed the reasonableness of the methodologies and assumption used;

誠如綜合財務報表附註24(a)所披露，於2020年12月 31日，已就收購物業（「物業收購」）支付訂金約人民幣 149,100,000元（「物業訂金」）。

我們有關管理層對收購物業所支付訂金的減值的評估的審計程序包括：

－獲得協議以瞭解物業收購的條款；
－對物業所在的土地擁有權進行獨立調查；
－獲得獨立專業估值師出具與物業相關的估值報告，並評估所用方法及假設是否合理；

2020年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事項（續）

Key audit matter How our audit addressed the key audit matter 關鍵審計事項該關鍵審計事項在審計中是如何應對的

Impairment assessment of deposit paid for acquisition of properties (Continued)

就收購物業所支付訂金的減值評估（續）

Management performed a valuation on the properties with the assistance from an independent professional valuer. With reference to the valuation, management concluded that no impairment on the Properties Deposit in respect of the Properties Acquisition was necessary as at 31 December 2020.

We identified the recoverability of the Properties Deposit for the Transaction as a key audit matter due to the fact that management’s assessment of the recoverable amount of the Properties Deposit involved significant judgment.

Obtaining an understanding from the m a n a g e m e n t a b o u t t h e s t a t u s o f t h e construction process and progress of the Properties Acquisition;
Obtaining confirmation with respect to the amount of the Properties Deposits as at 31 December 2020;
Reviewing the relevant correspondences and documents provided by the management to evaluate the status and progress of the Properties Acquisition; and
Discussing with the management on the likelihood of completion of the Properties Acquisition and timing on when the Properties Acquisition can be finalised.

管理層在獨立專業估值師協助下對物業進行估值。經參考估值後，管理層總結，於2020年12月31日，毋須就物業收購的物業訂金作出減值撥備。

鑒於管理層對物業訂金可回收金額的估計涉及重大判斷，我們將該交易物業訂金的可回收性列作關鍵審計事項。

－向管理層了解工程進度及物業收購進展的情況；
獲得於2020年12月31日物業訂金金額的確認書；
－
審閱管理層提供的相關信函及文件以評估物業收購情況及進展；及
－
－與管理層討論完成物業收購的可能性及物業收購何時可落實。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事項（續）

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Key audit matter How our audit addressed the key audit matter
關鍵審計事項該關鍵審計事項在審計中是如何應對的
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Impairment assessment of other receivables

其他應收款的減值評估

As disclosed in Note 27 to the consolidated financial statements, as at 31 December 2020, the Group’s gross other receivables amounted to approximately RMB245,193,000, and an allowance of credit losses of approximately RMB81,219,000 were included in the Group’s consolidated statement of financial position.

The impairment loss on other receivables, net of reversal, included in the Group’s consolidated statement of profit or loss for the year ended 31 December 2020 amounted to approximately RMB10,504,000.

The allowance for credit loss of other receivables represents the management’s best estimates of the end of the reporting period of expected credit losses under Hong Kong Financial Reporting Standard 9: Financial Instrument Expected Credit Loss Model.

Our audit procedures in relation to management’s assessment on impairment of other receivables included:

Understanding and evaluating the modelling methodologies for expected credit losses measurement, assessed the reasonableness of the model selection and key measurement parameters determination;
For the historical information, discussing with management to understand the management’s identification of significant increase in credit risk, defaults and credit-impaired receivables, corroborated management’s explanation with supporting evidence;

Management assess whether the credit risk of other receivables have increased significantly since their initial recognition, and apply a three-stage impairment model to calculate their expected credit losses.

誠如綜合財務報表附註27所披露，於2020年12月31 日，貴集團其他應收款總額約為人民幣245,193,000 元，而信貸虧損撥備約人民幣81,219,000元已計入貴集團的綜合財務狀況表。

計入貴集團截至2020年12月31日止年度的綜合損益表中其他應收款的減值虧損（扣除撥回）約為人民幣 10,504,000元。

我們有關管理層對其他應收款的減值的評估的審計程序包括：

－知悉並評估釐定預期信貸虧損模式的方法，評估模式甄選以及釐定重要計量參數是否合理；
－對於過往資料，與管理層討論以了解管理層怎樣識別信貸風險顯著增加、違約及信貸減值應收款，以支持證據確證管理層的解釋；

其他應收款的信貸虧損撥備指管理層根據香港財務報告準則第9號「金融工具」對於報告期末預期信貸虧損模式下預期信貸虧損的最佳估計。

管理層評估其他應收款的信貸風險自初步確認以來是否顯著上升，並使用三級制減值模式去計算其預期信貸虧損。

2020年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

Key audit matter 關鍵審計事項

Impairment assessment of other receivables (Continued)

The measurement models of expected credit losses involves significant management judgement and assumptions, primarily including the following:

selection of appropriate model and determination of relevant key measurement parameters, including probability of default, loss given default and exposure at default;
criteria for determining whether or not there was a significant increase in credit risk or a default; and

關鍵審計事項（續）

How our audit addressed the key audit matter 該關鍵審計事項在審計中是如何應對的

其他應收款的減值評估（續）

For forward-looking measurement, assessing the reasonableness of economic indicator selection, economic scenarios and weightings application, assessed the reasonableness of the estimation by comparing with industry data;
Challenging the management the sufficiency of impairment loss based on the specific facts and circumstances; and
Checking major data inputs used in the expect credit losses models on sample basis to the Group’s record.
economic indicator for forward-looking measurement, and the application of economic scenarios and weightings.

We consider impairment assessment on other receivables as a key audit matter because of its significance to the consolidated financial statements and the significant estimates and judgement involved in determining the expected credit losses allowance on the other receivables.

預期信貸虧損的計量模式涉及管理層重大判斷及假設，主要包括以下各項：

挑選合適模式及釐定相關重要計量參數，包括違約概率、違約損失率及違約風險；
－對於前瞻性計量，評估經濟指標甄選、經濟場境及權重應用是否合理，並透過比較行業數據來評估估計是否合理；
- 根據具體事實及情況質疑管理層對減值虧損的撥備是否充足；及
－
釐定是否有信貸風險顯著增加或違約的條件；及
前瞻性計量的經濟指標，以及使用經濟場境及權重。
－
抽樣核實貴集團紀錄內預期信貸虧損模式所用的主要數據輸入值。

我們認為其他應收款項的減值評估為關鍵審計事項，此乃由於其對綜合財務報表的重要性及釐定其他應收款項的預期信貸虧損撥備所涉及的重大估計及判斷。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors of the Company determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the Company either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

其他資料

貴公司董事需對其他資料負責。其他資料包括刊載於年報內的資料，但不包括綜合財務報表及我們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他資料，我們亦不對該等其他資料發表任何形式的鑒證結論。

結合我們對綜合財務報表的審計，我們的責任是閱讀其他資料，在此過程中，考慮其他資料是否與綜合財務報表或我們在審計過程中所瞭解的情況存在重大抵觸或者似乎存在重大錯報的情況。基於我們已執行的工作，如果我們認為其他資料存在重大錯報，我們需要報告該事實。就此我們並無須報告事項。

董事及負責管治的人士就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會頒佈的香港財務報告準則及香港公司條例的披露規定擬備真實而公允的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯報所需的內部控制負責。

在編製綜合財務報表時，貴公司董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營為會計基礎，除非貴公司董事有意將貴集團清盤或停止經營，或別無其他實際的替代方案。

負責管治的人士負責監督貴集團的財務報告過程。

2020年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

– Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors of the Company.

核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯報取得合理保證，並出具包括我們意見的核數師報告。根據我們的協定委聘條款，我們僅對全體股東作出報告，除此以外，本報告並無其他用途。我們不會就本報告內容對任何其他人士承擔或負上責任。合理保證是高水平的保證，但不能保證按照香港核數準則進行的審計，在某一重大錯報存在時總能發現。錯報可以由欺詐或錯誤引起，如果合理預期它們單獨或匯總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯報可被視作重大。

在根據香港核數準則進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

－識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯報的風險，設計及執行審計程序以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯報的風險高於未能發現因錯誤而導致的重大錯報的風險。
－瞭解與審計相關的內部控制，以設計適當的審計程序，但目的並非對貴集團內部控制的有效性發表意見。
－評價貴公司董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Conclude on the appropriateness of the Company’s directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, action taken to eliminate threats or safeguards applied.

核數師就審計綜合財務報表承擔的責任（續）

－總結貴公司董事使用持續經營為會計基礎的恰當性，及根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露。假若有關的披露不足，則我們應當修改我們的意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。
－評價綜合財務報表的整體呈報方式、結構和內容，包括披露，以及綜合財務報表是否公允反映相關交易和事項。
－就貴集團內實體或業務活動的財務資料獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。我們負責貴集團審計的方向、監督和執行。我們為審計意見承擔全部責任。

除其他事項外，我們與負責管治的人士溝通計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。

我們亦向負責管治的人士提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，用以消除威脅的行動或採取的防範措施。

2020年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Asian Alliance (HK) CPA Limited

Certified Public Accountants (Practising) Chung Chi Chiu Practising Certificate Number: P06610

8/F., Catic Plaza 8 Causeway Road Causeway Bay Hong Kong

31 March 2021

核數師就審計綜合財務報表承擔的責任（續）

從與負責管治的人士溝通的事項中，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中溝通該事項。

華融（香港）會計師事務所有限公司執業會計師鍾志釗執業證書編號：P06610

香港銅鑼灣高士威道8號航空大廈8樓

2021年3月31日

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of Profit or Loss 綜合損益表

For the year ended 31 December 2020 截至2020年12月31日止年度

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2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
(Restated)
（經重列）
Continuing operations 持續經營業務
Revenue 收益 7
Contracts with customers 客戶合約 6,624 21,893
Leases 租賃 384 130
Total revenue 總收益 7,008 22,023
Cost of sales 銷售成本 (6,666) (21,127)
Gross profit 毛利 342 896
Other income 其他收入 9 3,006 1,316
Impairment losses under expected credit 預期信貸虧損模型下的
loss model, net of reversal 減值虧損，扣除撥回 11 (10,504) (71,111)
Impairment loss recognised in respect of 就物業、廠房及設備確認
property, plant and equipment 的減值虧損 18 (36,380) –
Loss from changes in fair value of 投資物業公允價值變動的
investment properties 虧損 20 (428) (730)
Gain on disposal of subsidiaries, net 出售附屬公司收益淨額 36 15,554 1,072
Exchange gain, net 匯兌收益淨額 1,993 90
Depreciation 折舊 (1,629) (1,779)
Staff costs 員工成本 (4,486) (4,497)
Other operating expenses 其他經營開支 (5,319) (7,277)
Share of loss of associates 分佔聯營公司虧損 – (8,548)
Finance cost 融資成本 10 (31) (53)
Loss before tax 除稅前虧損 (37,882) (90,621)
Income tax expense 所得稅開支 12 (96) (90)
Loss for the year from continuing 來自持續經營業務之
operations 年內虧損 (37,978) (90,711)
Discontinued operations 已終止經營業務
Loss for the year from discontinued 來自已終止經營業務之
operations 年內虧損 13 (10,300) (3,729)
Loss for the year 年內虧損 14 (48,278) (94,440)
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2020年報 瀋陽公用發展股份有限公司

Consolidated Statement of Profit or Loss 綜合損益表

For the year ended 31 December 2020 截至2020年12月31日止年度

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2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
(Restated)
（經重列）
Loss attributable to owners of the 本公司擁有人應佔虧損：
Company:
– from continuing operations －來自持續經營業務 (34,016) (85,600)
– from discontinued operations －來自已終止經營業務 (5,665) (3,449)
Loss for the year attributable to 本公司擁有人應佔年內
owners of the Company 虧損 (39,681) (89,049)
Loss attributable to 非控股權益應佔
non-controlling interests: 虧損：
– from continuing operations －來自持續經營業務 (3,962) (2,571)
– from discontinued operations －來自已終止經營業務 (4,635) (2,820)
Loss for the year attributable to 非控股權益應佔年內
non-controlling interests 虧損 (8,597) (5,391)
(48,278) (94,440)
(Restated)
（經重列）
Loss per share 每股虧損 16
From continuing and discontinued 來自持續經營及已終止
operations 經營業務
– Basic (RMB cents) －基本（人民幣分） (2.70) (6.06)
– Diluted (RMB cents) －攤薄（人民幣分） N/A 不適用 N/A不適用
From continuing operations 來自持續經營業務
– Basic (RMB cents) －基本（人民幣分） (2.31) (5.83)
– Diluted (RMB cents) －攤薄（人民幣分） N/A 不適用 N/A不適用
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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表

For the year ended 31 December 2020 截至2020年12月31日止年度

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Loss for the year 年內虧損 (48,278) (94,440)
Other comprehensive income (expense) 其他全面收入（開支）
Items that will not be reclassified to 不會重新分類至損益之項目：
profit or loss:
Fair value gain (loss) on investments in 按公允價值計入其他全面收入的
equity instruments at fair value through 股本工具投資的公允價值
other comprehensive income 收益（虧損） 52 (57,188)
Items that may be reclassified 其後可能重新分類至損益之
subsequently to profit or loss: 項目：
Exchange differences arising on 換算海外業務產生之
translation of foreign operations 匯兌差額 (2,321) 790
Other comprehensive expense 年內其他全面開支，扣除
for the year, net of income tax 所得稅 (2,269) (56,398)
Total comprehensive expense 年內全面開支
for the year 總額 (50,547) (150,838)
Total comprehensive expense 下列應佔全面開支
attributable to: 總額：
– Owners of the Company －本公司擁有人 (40,889) (145,811)
– Non-controlling interests －非控股權益 (9,658) (5,027)
(50,547) (150,838)
Total comprehensive expense 本公司擁有人應佔全面
attributable to owners of the 開支總額：
Company:
– from continuing operations －來自持續經營業務 (33,927) (142,810)
– from discontinued operations －來自已終止經營業務 (6,962) (3,001)
(40,889) (145,811)
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2020年報 瀋陽公用發展股份有限公司

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 December 2020 於2020年12月31日

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2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 18 12,307 49,411
Right-of-use assets 使用權資產 19 15,103 15,834
Investment properties 投資物業 20 157,300 19,400
Equity instruments at fair value through 按公允價值計入其他全面
other comprehensive income (“ FVTOCI ”) 收入（「按公允價值
計入其他全面收入」）
的股本工具 23 34,883 52,743
Deposits paid 已支付訂金 24 294,100 313,100
Deferred tax assets 遞延稅項資產 38 31 839
513,724 451,327
CURRENT ASSETS 流動資產
Contract costs 合約成本 25 131,761 128,124
Loan and interest receivables 應收貸款及利息 26 – 14,339
Deposits and other receivables 訂金及其他應收款 27 164,169 74,998
Restricted bank balances 受限制銀行結餘 28 75,826 80,542
Bank balances and cash 銀行結餘及現金 29 2,343 7,627
374,099 305,630
Assets classified as held for sale 分類為持作銷售的資產 13 10,307 239,454
384,406 545,084
CURRENT LIABILITIES 流動負債
Trade payables 應付賬款 30 65,797 67,231
Contract liabilities 合約負債 32 54,926 61,749
Other payables and accruals 其他應付款及應計費用 33 86,339 22,926
Lease liabilities – current portion 租賃負債－流動部分 34 676 754
Amount due to a non-controlling interest 應付一名非控股股東款項 41 – 2,625
Amount due to a shareholder 應付一名股東款項 41 2,153 5,219
Deposits received 已收訂金 13 – 20,000
Tax liabilities 稅項負債 1,532 1,605
211,423 182,109
Liabilities associated with assets classified 分類為持作銷售與
as held for sale 資產相關的負債 13 1,978 6,525
213,401 188,634
NET CURRENT ASSETS 流動資產淨值 171,005 356,450
TOTAL ASSETS LESS CURRENT 總資產減流動負債
LIABILITIES 684,729 807,777
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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of Financial Position 綜合財務狀況表

At 31 December 2020 於2020年12月31日

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2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
NON-CURRENT LIABILITY 非流動負債
Lease liabilities – non-current portion 租賃負債－非流動部分 34 – 264
NET ASSETS 資產淨值 684,729 807,513
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 37 1,469,376 1,469,376
Reserves 儲備 (791,340) (750,451)
Equity attributable to owners 本公司擁有人應佔權益
of the Company 678,036 718,925
Non-controlling interests 非控股權益 6,693 88,588
TOTAL EQUITY 總權益 684,729 807,513
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The consolidated financial statements on pages 61 to 263 were approved and authorised for issue by the board of directors on 31 March 2021 and are signed on its behalf by

第61頁至263頁所列的綜合財務報表，經董事會於2021年3月31日核准及授權發出，並由下列董事代表簽署

Zhang Jing Ming 張敬明 Director 董事

Leng Xiao Rong 冷小榮 Director 董事

2020年報 瀋陽公用發展股份有限公司

Consolidated Statement of Changes in Equity 綜合權益變動表

For the year ended 31 December 2020 截至2020年12月31日止年度

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At 1 January 2019
於2019年1月1日
Loss for the year
年內虧損
Other comprehensive (expense) income
其他全面（開支）收入
Items that will not be reclassified
to profit or loss:
不會重新分類至損益之
項目：
Fair value loss on investments
in equity instruments
at FVTOCI
按公允價值計入其他全面
收入的股本工具投資的
公允價值虧損
Items that may be reclassified subsequently
to profit or loss:
其後可能重新分類至損益之
項目：
Exchange difference arising on translation
of foreign operations
因換算海外業務產生之
匯兌差額
Other comprehensive (expense) income
for the year, net of income tax
年內其他全面（開支）收入，
扣除所得稅
Total comprehensive (expense) income
for the year
年內全面（開支）
收入總額
Release of FVTOCI reserve upon disposal
of investment in equity instruments at
FVTOCI_(Note d)
出售按公允價值計入其他
全面收入之股本工具時
解除按公允價值計入其他
全面收入的儲備（附註d）
Dividend paid to non-controlling interest
(Note 42)
已付予非控股股東之股息
（附註42）
Acquisition of subsidiary(Note 35(b)(i))_
收購一間附屬公司
（附註35(b)(i)）
At 31 December 2019
於2019年12月31日

1,469,376
320,476
105,028
5,898
1,422
(1,037,464)
864,736
25,197
889,933
–
–
–
–
–
(89,049)
(89,049)
(5,391)
(94,440)
–
–
–
(57,188)
–
–
(57,188)
–
(57,188)
–
–
–
–
426
–
426
364
790
–
–
–
(57,188)
426
–
(56,762)
364
(56,398)
–
–
–
(57,188)
426
(89,049)
(145,811)
(5,027)
(150,838)
–
–
–
(3,000)
–
3,000
–
–
–
–
–
–
–
–
–
–
(9,070)
(9,070)
–
–
–
–
–
–
–
77,488
77,488
1,469,376
320,476
105,028
(54,290)
1,848
(1,123,513)
718,925
88,588
807,513

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of Changes in Equity 綜合權益變動表

For the year ended 31 December 2020 截至2020年12月31日止年度

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Attributable to owners of the Company
本公司擁有人應佔
Statutory Non-
Share Share surplus FVTOCI Exchange Accumulated controlling
capital premium reserve reserve reserve losses Total interest Total
按公允價值
計入其他
法定盈餘全面收入
股本股份溢價公積金的儲備匯兌儲備累計虧損總計非控股權益總計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
(Note 37) (Note a) (Note b)
（附註39）（附註a）（附註b）
At 1 January 2020 於2020年1月1日 1,469,376 320,476 105,028 (54,290) 1,848 (1,123,513) 718,925 88,588 807,513
– – – – –
Loss for the year 年內虧損 (39,681) (39,681) (8,597) (48,278)
Other comprehensive income (expense) 其他全面收入（開支）
Items that will not be reclassified to 不會重新分類至損益之
profit or loss: 項目：
Fair value gain on investments in 按公允價值計入其他全面
equity instruments at FVTOCI 收入的股本工具投資的
公允價值收益 – – – 52 – – 52 – 52
Items that may be reclassified subsequently 其後可能重新分類至損益之
to profit or loss: 項目：
Exchange difference arising on translation 因換算海外業務產生之
– – – – –
of foreign operations 匯兌差額 (1,260) (1,260) (1,061) (2,321)
Other comprehensive income (expense) 年內其他全面收入（開支），
for the year, net of income tax 扣除所得稅 – – – 52 (1,260) – (1,208) (1,061) (2,269)
Total comprehensive 年內全面收入（開支）
income (expense) for the year 總額 – – – 52 (1,260) (39,681) (40,889) (9,658) (50,547)
Release of FVTOCI reserve upon disposal 出售按公允價值計入其他
of investment in equity instruments at 全面收入之股本工具時
FVTOCI 解除按公允價值計入其他
– – – – – – –
全面收入的儲備 18,984 (18,984)
– – – – – – –
Disposal of a subsidiary (Note 36(a)) 出售一間附屬公司（附註36(a)） (74,711) (74,711)
– – – – – – –
Acquisition of subsidiaries (Note 35(a)) 收購附屬公司（附註35(a)） 2,474 2,474
At 31 December 2020 於 2020 年 12 月 31 日 1,469,376 320,476 105,028 (35,254) 588 (1,182,178) 678,036 6,693 684,729
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2020年報 瀋陽公用發展股份有限公司

Consolidated Statement of Changes in Equity 綜合權益變動表

For the year ended 31 December 2020 截至2020年12月31日止年度

Notes:

(a) Share premium

Share premium comprises surplus between the value of net assets acquired and the nominal value of domestic shares issued as a result of the incorporation of the Company as a joint stock limited company and the share premium from the issuance of H-shares.

(b) Statutory surplus reserve

The Group is required to set aside 10% of its profit after taxation prepared in accordance with the PRC accounting standards and regulations to the statutory surplus reserve until the balance reaches 50% of their respective paid up capital or registered capital, where further appropriation will be made at the directors’ recommendation. Such reserve can be used to reduce any losses incurred or increased the capital.

(c) Distributable reserve

Pursuant to the relevant PRC regulations, distributable reserve shall be the lower of the accumulated distributable profits determined in accordance with PRC accounting standards and regulations as stated in the PRC statutory audited financial statements and the accumulated distributable profits determined in accordance with accounting principles generally accepted in Hong Kong. The Group did not have any reserve available for distribution as at 31 December 2020 and 2019.

(d) Included in fair value gain on investments in equity instrument at FVTOCI was approximately RMB3,000,000 which was related to equity instrument that has been reclassified as held for sale during the year ended 31 December 2018 and disposed during the year ended 31 December 2019.

附註：

(a) 股份溢價

股份溢價包括收購的淨資產價值和本公司作為股份制有限公司註冊成立而發行的內資股面值之間的盈餘，以及發行H股所產生的股份溢價。

(b) 法定盈餘公積金

根據中國會計準則及法規，本集團需要從稅後溢利中撥出10%作為法定盈餘公積金，直到該公積金達到彼等各自已繳足股本或註冊資本的50%，進一步的撥備將由董事建議。該公積金可以用作減少已發生的任何虧損或增加股本。

(c) 可供分配之儲備

根據中國有關之規例，可供分配之儲備為根據中國會計準則及法規釐定之載列於中國法定經審核財務報表之累計可供分派溢利與根據香港公認會計原則釐定之累計可供分派溢利兩者之較低者。本集團於2020年及2019年12月31日並無任何可供分配之儲備。

(d) 按公允價值計入其他全面收入的股本工具的公允價值收益約人民幣3,000,000元與截至2018 年12月31日止年度重新分類為持作銷售的股本工具有關，該股本工具已於截至2019年12 月31日止年度出售。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of Cash Flows 綜合現金流量表

For the year ended 31 December 2020 截至2020年12月31日止年度

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
（經重列）
OPERATING ACTIVITIES 經營業務
Loss for the year 年內虧損
– from continuing operations – 來自持續經營業務 (37,978) (90,711)
– from discontinued operations – 來自終止經營業務 (10,300) (3,729)
Adjustments for: 調整：
Income tax 所得稅 186 1,156
Interest income 利息收入 (829) (4,638)
–
Dividends from equity investments 股權投資股息 (1,934)
Rent concession 租金寬減 (145) –
Depreciation of property, 物業、廠房及
plant and equipment 設備折舊 196 270
Depreciation of right-of-use assets 使用權資產折舊 1,433 1,520
Share of loss of associates 分佔聯營公司虧損 – 8,548
Impairment losses on other 其他應收款的減值虧損淨額
receivables, net 10,520 71,491
Impairment losses on loan and interest 應收貸款及利息減值虧損淨額
receivables, net 10,159 6,123
Impairment loss recognised in respect of 計入物業、廠房及設備的
–
property, plant and equipment 減值虧損 36,380
Loss on deregistration of a subsidiary 註銷一間附屬公司所致虧損 4 –
Loss from changes in fair value of 投資物業公允價值變動的
investment properties 虧損 428 730
Gain on disposal of subsidiaries, net 出售附屬公司收益淨額 (15,554) (1,072)
Loss on written-off of property, 撇銷物業、廠房及設備的
plant and equipment 虧損 – 5
Finance cost 融資成本 31 53
Operating cash flows before 營運資金變動前的經營
movements in working capital 現金流量 (7,403) (10,254)
(Increase) decrease in contract costs 合約成本（增加）減少 (3,637) 8,797
Decrease in loan and interest receivables 應收貸款及利息減少 – 31,255
Decrease (increase) in deposits and other 訂金及其他應收款減少（增加）
receivables 47,553 (27,746)
Decrease in trade payables 應付賬款減少 (1,434) (18,093)
Decrease in contract liabilities 合約負債減少 (6,823) (22,550)
(Decrease) increase in amount due to 應付一名非控股股東款項
non-controlling interest （減少）增加 (877) 564
Decrease in other payables and accruals 其他應付款及應計費用減少 (495) (18,233)
Cash generated from (used in) 經營活動所得（所用）現金
operations 26,884 (56,260)
Income tax refund (paid), net 退還（繳付）所得稅淨額 758 (167)
NET CASH FROM (USED IN) OPERATING 經營活動所得（所用）現金淨額
ACTIVITIES 27,642 (56,427)
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2020年報 瀋陽公用發展股份有限公司

Consolidated Statement of Cash Flows 綜合現金流量表

For the year ended 31 December 2020 截至2020年12月31日止年度

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
（經重列）
INVESTING ACTIVITIES 投資活動
Interest received 已收利息 10 101
Deposit received from assets classified 已收分類為持作銷售的
as held for sale 資產的訂金 – 20,000
Deposit paid 收購物業所支付的訂金 (37,000) (20,364)
–
Dividend received from equity investments 股權投資已收股息 1,370
–
Purchase of right-of-use assets 購買使用權資產 (6,450)
Net cash outflow on disposal 出售附屬公司的
of subsidiaries 現金流出淨額 (13) (482)
Net cash outflow on acquisition 收購附屬公司的
of subsidiaries 現金流出淨額 (14,931) (15,413)
Purchase of equity instruments 購買按公允價值計入其他
at FVTOCI 全面收入的股本工具 – (63,931)
Proceed from disposal of equity instruments 出售按公允價值計入其他全面收入
at FVTOCI 的股本工具的所得款項 18,476 –
NET CASH USED IN 支付投資活動的
INVESTING ACTIVITIES 現金淨額 (32,088) (86,539)
FINANCING ACTIVITIES 融資活動
(Decrease) increase in amount due to 應付一名股東款項（減少）增加
shareholder (3,066) 3,679
Decrease in restricted bank balance 受限制銀行結餘減少 4,716 6,914
–
Dividend paid to a non-controlling interest 已付一名非控股股東股息 (9,070)
Repayment of lease liabilities 償還租賃負債 (799) (939)
NET CASH FROM FINANCING ACTIVITIES 來自融資活動的現金淨額 851 584
NET DECREASE IN CASH AND 現金及現金等值項目
CASH EQUIVALENTS 減少淨額 (3,595) (142,382)
CASH AND CASH EQUIVALENTS 於 1 月 1 日的現金及
AT 1 JANUARY 現金等值項目 7,644 149,258
Effect of foreign exchange 匯率變動影響，
rate changes, net 淨額 (1,552) 768
CASH AND CASH EQUIVALENTS 年末的現金及
AT THE END OF THE YEAR 現金等值項目 2,497 7,644
CASH AND CASH EQUIVALENTS 於 12 月 31 日的現金及
AT 31 DECEMBER, represented by: 現金等值項目，即：
Bank balances and cash 銀行結餘及現金 2,343 7,627
Bank balance and cash included in assets 計入分類為持作銷售的資產的
classified as held for sales 銀行結餘及現金 154 17
2,497 7,644
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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

1. GENERAL INFORMATION

1. 一般資料

Shenyang Public Utility Holdings Company Limited (the “ Company ”) is a joint stock limited company incorporated in the People’s Republic of China (the “ PRC ”).

瀋陽公用發展股份有限公司（「本公司」）是一家在中華人民共和國（「中國」）註冊成立的股份有限公司。

The addresses of the principal place of business of the Company in PRC is Room 2-12-5, Block B, Diwang Club Apartment, No. 19 Wenyi Road, Shenhe District, Shenyang, the PRC.

本公司於中國的主要營業地點之地址位於中國瀋陽市沈河區文藝路19號地王俱樂部公寓B座2-12-5室。

The address of the registered office of the Company in PRC is No. 1-4, 20A, Central Street, Shenyang Economic and Technological Development Zone, the PRC.

本公司於中國的註冊辦事處之地址位於中國瀋陽經濟技術開發區中央大街 20甲1–4號。

The address of the principal place of business in Hong Kong is 8/F, Skyway Centre, 23 Queen’s Road West, Sheung Wan, Hong Kong.

本公司於香港的主要營業地點之地址位於香港上環皇后大道西23號天威中心8樓。

The Company is an investment holding company and the principal activities of its subsidiaries are set out in Note 42 to the consolidated financial statements. The Group was also engaged in credit business and securities investments which was discontinued in current year (Note 13).

本公司為投資控股公司，其附屬公司主要業務載於綜合財務報表附註42。本集團亦從事信貸業務及證券投資，該業務已於本年度終止（附註13）。

The consolidated financial statements are presented in Renminbi (“ RMB ”). Other than those subsidiaries established in Hong Kong whose functional currencies are Hong Kong Dollars (“ HK$ ”), the functional currency of the Company and its subsidiaries (collectively known as the “ Group ”) are RMB.

綜合財務報表以人民幣（「人民幣」）列示。除於香港成立的該等附屬公司以港元（「港元」）為功能貨幣外，人民幣是本公司及其附屬公司（統稱「本集團」）的功能貨幣。

The Company’s H-shares are listed on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) with effect from 16 December 1999.

本公司的H股自1999年12月16日起在香港聯合交易所有限公司（「聯交所」）上市。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

Amendments to HKFRSs that are mandatorily effective

for the current year

In the current year, the Group has applied the Amendments to References to the Conceptual Framework in HKFRS Standards and the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements:

Amendments to Hong Kong Definition of Material Accounting Standards (“ HKAS ”) 1 and HKAS 8 Amendments to HKFRS 3 Definition of a Business

Amendments to HKFRS 9, Interest Rate Benchmark Reform HKAS 39 and HKFRS 7

In addition, the Group has early applied the Amendment to HKFRS 16 Covid-19-Related Rent Concessions .

Except as described below, the application of the Amendments to References to the Conceptual Framework in HKFRS Standards and the amendments to HKFRSs in the current year had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

2. 採用經修訂的香港財務報告準則（「香港財務報告準則」）

於本年度強制生效的經修訂香港財務報告準則

於本年度，本集團已就編製綜合財務報表，首次應用「香港財務報告準則中對概念框架參考修訂」及以下於2020 年1月1日或之後開始之年度期間強制生效的由香港會計師公會（「香港會計師公會」）頒佈的經修訂香港財務報告準則：

香港會計準則（「香港會計重大的定義準則」）第1號及香港會計準則第8號（修訂本）香港財務報告準則第3號業務的定義（修訂本）香港財務報告準則第9號、利率基準香港會計準則第39號及改革香港財務報告準則第7號（修訂本）

此外，本集團已提早應用香港財務報告準則第16號（修訂本）「2019冠狀病毒病相關租金寬減」。

除下文說明者外，於本年度應用「香港財務報告準則中對概念框架參考修訂」及經修訂香港財務報告準則對本集團於本年度及過往年度的財務狀況及表現及╱或該等綜合財務報表所載的披露並無重大影響。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

Amendments to HKFRSs that are mandatorily effective for the current year (Continued)

於本年度強制生效的經修訂香港財務報告準則（續）

2.1 Impacts on application of Amendments to HKAS 1 and HKAS 8 Definition of Material

2.1 應用香港會計準則第 1 號及香港會計準則第 8 號（修訂本）「重大的定義」的影響

The Group has applied the Amendments to HKAS 1 and HKAS 8 for the first time in the current year. The amendments provide a new definition of material that states “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments also clarify that materiality depends on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements taken as a whole.

本集團已於本年度首次應用香港會計準則第1號及香港會計準則第8號（修訂本）。該等修訂為「重大」提供新的定義，列明「倘遺漏、錯誤陳述或隱瞞資料可以合理預期會影響一般用途財務報表的主要使用者根據該等財務報表（提供特定報告實體之財務資料）作出之決策，則該資料屬重大」。該等修訂亦釐清，重大性取決於資料的性質或重要性大小，在整體財務報表內以單獨或與其他資料結合考慮。

The application of the amendments in the current year had no impact on the consolidated financial statements.

本年度應用等修訂對綜合財務報表並無影響。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

Amendments to HKFRSs that are mandatorily effective for the current year (Continued)

於本年度強制生效的新頒佈及經修訂香港財務報告準則（續）

2.2 Impacts on application of Amendments to HKFRS 3 Definition of a Business

2.2 應用香港財務報告準則第 3 號（修訂本）「業務的定義」的影響

The Group has applied the amendments for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs.

本集團已於本年度首次應用該等修訂本。該等修訂釐清，雖然業務通常具有產出，但對於一組整合的活動及資產而言，產出非屬符合業務定義之要件。如果要構成業務，所收購的一組活動及資產必須至少包括一項投入和一項實質性過程，二者可以共同顯著促進創造產出的能力。

The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired.

該等修訂刪除了對市場參與者是否有能力替換缺失的投入或過程並繼續創造產出的評估。該等修訂還為評估所取得的過程是否為實質性過程提供了額外指引。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

Amendments to HKFRSs that are mandatorily effective for the current year (Continued)

於本年度強制生效的新頒佈及經修訂香港財務報告準則（續）

2.2 Impacts on application of Amendments to HKFRS 3 Definition of a Business (Continued)
2.2 應用香港財務報告準則第 3 號（修訂本）「業務的定義」的影響（續）

In addition, the amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. The election on whether to apply the optional concentration test is available on transaction-by-transaction basis.

此外，該等修訂引入了選擇性集中度測試，簡化所收購的一組活動及資產是否屬於業務的評估。根據選擇性集中度測試，如所收購總資產之公允價值基本上都集中於單一可識別資產或一組相似的可識別資產中，則所收購的一組活動及資產不構成業務。評估總資產不包括現金及現金等值項目、遞延稅項資產以及由遞延稅項負債的影響所產生的商譽。是否應用選擇性集中度測試，可按逐筆交易進行選擇。

The Group has elected to apply the optional concentration test on the acquisition of Target Companies (as defined and detailed in Notes 24(c) and 35(a)) and concluded that such acquisition does not constitute a business.

本集團已選擇就收購目標公司（定義及詳情見附註24(c)及 35(a) ）應用選擇性集中度測試，並總結該收購並不構成業務。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

Amendments to HKFRSs that are mandatorily effective for the current year (Continued)

於本年度強制生效的新頒佈及經修訂香港財務報告準則（續）

2.3 Impacts on early application of Amendment to HKFRS 16 Covid-19-Related Rent Concessions

2.3 提早應用香港財務報告準則第 16 號（修訂本）「 2019 冠狀病毒病相關租金寬減」的影響

The Group has applied the amendment for the first time in the current year. The amendment introduces a new practical expedient for lessees to elect not to assess whether a Covid-19-related rent concession is a lease modification. The practical expedient only applies to rent concessions occurring as a direct consequence of the Covid-19 that meets all of the following conditions:

本集團已於本年度首次應用該等修訂本。該等修訂引入新的可行權宜方法，承租人可選擇不評估2019冠狀病毒病相關租金寬減是否屬租賃修改。該可行權宜方法僅適用於因 2019 冠狀病毒病直接產生之租金寬減，且須符合下列所有條件：

the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;
租賃付款變動導致經修訂租賃代價與緊接變動前的租賃代價大致相同或低於該代價；
any reduction in lease payments affects only payments originally due on or before 30 June 2021; and
任何租賃付款減少僅影響原到期日為2021年6 月30日或之前的付款；
there is no substantive change to other terms and conditions of the lease.
其他租賃條款及條件並無實質變動。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

Amendments to HKFRSs that are mandatorily effective for the current year (Continued)

於本年度強制生效的新頒佈及經修訂香港財務報告準則（續）

2.3 Impacts on early application of Amendment to HKFRS 16 Covid-19-Related Rent Concessions (Continued)
2.3 提早應用香港財務報告準則第 16 號（修訂本）「 2019 冠狀病毒病相關租金寬減」的影響（續）

A lessee applying the practical expedient accounts for changes in lease payments resulting from rent concessions the same way it would account for the changes applying HKFRS 16 Leases if the changes were not a lease modification. Forgiveness or waiver of lease payments are accounted for as variable lease payments. The related lease liabilities are adjusted to reflect the amounts forgiven or waived with a corresponding adjustment recognised in the profit or loss in the period in which the event occurs.

應用可行權宜方法將租賃寬減導致的租賃付款變動列賬的承租人將以同一方式將應用香港財務報告準則第16號「租賃」的變動入賬（倘變動並非租賃修改）。租賃付款的寬免或豁免按可變租賃付款列賬。相關租賃負債經調整以反映寬免或豁免的金額，並於該事件發生的期內在損益中確認相應調整。

The application of the amendment had no impact to the opening accumulated losses at 1 January 2020. The Group has benefited from 7 to 9 months concession of lease payments on several leases in the PRC and Hong Kong. The Group has derecognised the part of lease liability that has been extinguished by the forgiveness of lease payments using the discount rates originally applied to these leases respectively, resulting in a decrease in the lease liabilities of RMB145,000, which has been recognised as variable lease payments in profit or loss for the current year.

應用該等修訂對於2020年1月1 日之期初累計虧損並無影響。本集團受惠於中國及香港若干租賃的 7 至 9 個月租賃付款寬減。本集團已終止確認因寬免租賃付款（分別採用該等租賃最初適用的貼現率）而消除的部分租賃負債，導致租賃負債減少人民幣 145,000 元，並已於本年度的損益內確認為可變租賃付款。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

New and amendments to HKFRSs in issue but not yet effective

已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則

The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective:

本集團尚未提早應用以下已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則：

HKFRS 17	Insurance Contracts and the	香港財務報告準則	保險合約及
	related Amendments 1	第17號	相關修訂 1
Amendment to HKFRS 16	Covid-19-Related Rent	香港財務報告準則	2019冠狀病毒病
	Concessions 4	第16號（修訂本）	相關租金寬減	4
Amendments to HKFRS 3	Reference to the Conceptual	香港財務報告準則第3號	概念框架參考 2
	Framework 2	（修訂本）
Amendments to HKFRS 9, HKAS 39,	Interest Rate Benchmark Reform	香港財務報告準則	利率基準改革
HKFRS 7, HKFRS 4 and HKFRS 16	– Phase 2 5	第9號、香港會計準則	－第2階段 5
		第39號、香港財務
		報告準則第7號、
		香港財務報告準則
		第4號及香港財務報告
		準則第16號（修訂本）
Amendments to HKFRS 10 and	Sale or Contribution of Assets	香港財務報告準則	投資者與其聯營
HKAS 28	between an Investor and its	第10號及香港會計	公司或合營企業
	Associate or Joint Venture 3	準則第28號（修訂本）	之間的資產出售
			或注資 3
Amendments to HKAS 1	Classification of Liabilities as	香港會計準則第1號	將負債分類為流動
	Current or Non-current and	（修訂本）	或非流動及對
	related amendments to Hong		香港詮釋第5號
	Kong Interpretation 5 (2020) 1		的相關修訂
			（2020年） 1
Amendments to HKAS 16	Property, Plant and Equipment	香港會計準則第16號	物業、廠房及設備
	– Proceeds before Intended	（修訂本）	－作擬定用途前
	Use 2		之所得款項 2
Amendments to HKAS 37	Onerous Contracts – Cost of	香港會計準則第37號	虧損性合約－履行
	Fulfilling a Contract 2	（修訂本）	合約的成本 2
Amendments to HKFRSs	Annual Improvements to	香港財務報告準則	香港財務報告準則
	HKFRSs 2018-2020 2	（修訂本）	2018-2020年的
			年度改進 2
Hong Kong Accounting	Merger Accounting for Common	香港會計指引第5號	共同控制合併之
Guideline 5 (Revised)	Control Combinations 2	（經修訂）	合併會計法 2

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

New and amendments to HKFRSs in issue but not yet effective (Continued)

已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則（續）

1 Effective for annual periods beginning on or after 1 January 2023.
2 Effective for annual periods beginning on or after 1 January 2022.
1 於2023年1月1日或之後開始的年度期間生效。
2 於2022年1月1日或之後開始的年度期間生效。
3 Effective for annual periods beginning on or after a date to be determined.
4 Effective for annual periods beginning on or after 1 June 2020.
5 Effective for annual periods beginning on or after 1 January 2021.
3 於有待釐定日期或之後開始的年度期間生效。
4 於2020年6月1日或之後開始的年度期間生效。
5 於2021年1月1日或之後開始的年度期間生效。

Except for the new and amendments to HKFRSs mentioned below, the directors of the Company (the “ Directors ”) anticipate that the application of all other new and amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

除下述的新頒佈及經修訂香港財務報告準則外，本公司董事（「董事」）預計，應用所有其他新頒佈及經修訂香港財務報告準則於可見將來不會對綜合財務報表有任何重大影響。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

New and amendments to HKFRSs in issue but not yet effective (Continued)

已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則（續）

Amendments to HKFRS 3 Reference to the Conceptual Framework

香港財務報告準則第 3 號（修訂本）「概念框架參考」

The amendments:

該等修訂本：

update a reference in HKFRS 3 Business Combinations so that it refers to the Conceptual Framework for Financial Reporting 2018 issued in June 2018 (the “ Conceptual Framework ”) instead of Framework for the Preparation and Presentation of Financial Statements (replaced by the Conceptual Framework for Financial Reporting 2010 issued in October 2010);
更新香港財務報告準則第3號
「業務合併」中的一項引述，使其指 2018 年 6 月頒佈的「2018 年財務報告概念框架」（「概念框架」），而非「編製及呈列財務報表之框架」（由2010年10月頒佈的2010年財務報告概念框架取代）；
add a requirement that, for transactions and other events within the scope of HKAS 37 Provisions, Contingent Liabilities and Contingent Assets or HK(IFRIC)-Int 21 Levies, an acquirer applies HKAS 37 or HK(IFRIC)-Int 21 instead of the Conceptual Framework to identify the liabilities it has assumed in a business combination; and
新增一項要求，即對於香港會計準則第37號「撥備、或然負債及或然資產」或香港（國際財務報告詮釋委員會）－詮釋第 21號「徵費」範圍內的交易及其他事項，收購人須應用香港會計準則第37號或香港（國際財務報告詮釋委員會）－詮釋第 21號，而非概念框架，以識別其於業務合併中承擔的負債；及
add an explicit statement that an acquirer does not recognise contingent assets acquired in a business combination.
新增一項明確陳述，即收購人不會確認於業務合併中收購的或然資產。

The Group will apply the amendments prospectively to business combinations for which the date of acquisition is on or after the beginning of the first annual period beginning on or after 1 January 2022. The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

本集團將對收購日期為2022年1月1日或之後開始的首個年度期間的業務合併前瞻性應用修訂。預期應用該等修訂本不會對本集團的財務狀況及表現有重大影響。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

New and amendments to HKFRSs in issue but not yet effective (Continued)

已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則（續）

Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020)

香港會計準則第 1 號（修訂本）「將負債分類為流動或非流動及對香港詮釋第 5 號的相關修訂（ 2020 年）」

The amendments provide clarification and additional guidance on the assessment of right to defer settlement for at least twelve months from reporting date for classification of liabilities as current or non-current, which:

該等修訂就評估自報告日期起至少十二個月之延遲結算權利提供澄清及額外指引，以將負債分類為流動或非流動，當中：

specify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. Specifically, the amendments clarify that:
訂明負債應根據報告期末存有之權利分類為流動或非流動。該等修訂特別澄清：
(i) the classification should not be affected by management intentions or expectations to settle the liability within 12 months; and
(i) 該分類不受管理層在12 個月內結清負債之意圖或預期所影響；及
(ii) if the right is conditional on the compliance with covenants, the right exists if the conditions are met at the end of the reporting period, even if the lender does not test compliance until a later date; and
(ii) 倘若該權利以遵守契諾為條件，則即使貸款人在較後日期才測試是否符合條件，該權利在報告期末符合條件之情況下仍然存在；及
clarify that if a liability has terms that could, at the option of the counterparty, result in its settlement by the transfer of the entity’s own equity instruments, these terms do not affect its classification as current or non-current only if the entity recognises the option separately as an equity instrument applying HKAS 32 Financial Instruments: Presentation .
澄清倘負債具有可由對手方選擇透過轉讓實體本身的股本工具進行結清之條款，則僅當實體採用香港會計準則第 32 號
「金融工具：呈列」將選擇權單獨確認為股本工具時，該等條款方不會影響其分類為流動或非流動。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

New and amendments to HKFRSs in issue but not yet effective (Continued)

已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則（續）

Amendments to HKAS 1 Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5 (2020) (Continued)

香港會計準則第 1 號（修訂本）「將負債分類為流動或非流動及對香港詮釋第 5 號的相關修訂（ 2020 年）」（續）

In addition, Hong Kong Interpretation 5 was revised as a consequence of the Amendments to HKAS 1 to align the corresponding wordings with no change in conclusion.

此外，香港詮釋第5號因香港會計準則第1號（修訂本）而予以修改，以使相應措辭一致，但結論不變。

Based on the Group’s outstanding liabilities as at 31 December 2020, the application of the amendments will not result in reclassification of the Group’s liabilities.

根據本集團於2020年12月31日之未償還負債，應用該等修訂將不會導致本集團負債被重新分類。

Amendments to HKFRSs Annual Improvements to

HKFRSs 2018-2020

香港財務報告準則修訂本「香港財務報告準則 2018-2020 年的年度改進」

The annual improvements make amendments to the following standards.

年度改進對下列準則進行了修訂。

HKFRS 9 Financial Instruments

香港財務報告準則第9號「金融工具」

The amendment clarifies that for the purpose of assessing whether modification of terms of original financial liability constitutes substantial modification under the “10 per cent” test, a borrower includes only fees paid or received between the borrower and the lender, including fees paid or received by either the borrower or the lender on the other’s behalf.

該等修訂澄清，就評估在「10%」測試下對原始財務負債條款的修改是否構成實質修改而言，借款人僅計入借款人與貸款人之間支付或收取的費用，包括借款人或貸款人代表對方支付或收取的費用。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS(s)”) (Continued)

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

New and amendments to HKFRSs in issue but not yet effective (Continued)

已頒佈但尚未生效的新頒佈及經修訂香港財務報告準則（續）

Amendments to HKFRSs Annual Improvements to HKFRSs 2018-2020 (Continued)

香港財務報告準則修訂本「香港財務報告準則 2018-2020 年的年度改進」（續）

HKFRS 16 Leases

香港財務報告準則第16號「租賃」

The amendment to Illustrative Example 13 accompanying HKFRS 16 removes from the example the illustration of reimbursement relating to leasehold improvements by the lessor in order to remove any potential confusion.

香港財務報告準則第16號所附的對示例第13號的修訂從示例中刪除出租人為租賃物業裝修而作出補償的說明，以消除任何潛在的混淆。

HKAS 41 Agriculture

香港會計準則第41號「農業」

The amendment ensures consistency with the requirements in HKFRS 13 Fair Value Measurement by removing the requirement in paragraph 22 of HKAS 41 to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique.

該等修訂刪除香港會計準則第41號第 22段中關於使用現值技術計量生物資產的公允價值時不計入稅項現金流量的要求，從而確保與香港財務報告準則第13號「公允價值計量」的要求相一致。

The application of the amendments is not expected to have significant impact on the financial position and performance of the Group.

預期應用該等修訂本不會對本集團財務狀況及表現有重大影響。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES

3. 綜合財務報表編製基準及主要會計政策

3.1 Basis of preparation of consolidated financial statements

3.1 綜合財務報表編製基準

The consolidated financial statements have been prepared in accordance with HKFRSs issued by the HKICPA. For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decisions made by primary users. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“ Listing Rules ”) and by the Hong Kong Companies Ordinance.

綜合財務報表是按香港會計師公會頒佈的香港財務報告準則編製。就編製綜合財務報表而言，倘有關資料合理預期會影響主要使用者作出之決策，則該資料屬重大。此外，綜合財務報表載有香港聯合交易所有限公司證券上市規則（「上市規則」）及香港公司條例規定的適用披露事項。

Going concern assessment

持續經營評估

The Directors have, at the time of approving the consolidated financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements.

於批准綜合財務報表時，董事合理預期本集團有充足資源於可預見未來繼續持續經營。因此，董事在編製綜合財務報表時繼續採用持續經營會計基準。

The consolidated financial statements have been prepared on the historical cost basis except for certain properties and financial instruments that are measured at fair value at the end of each reporting period, as explained in the accounting policies set out below.

除若干物業及金融工具於各報告期末以公允價值計量外（見載於下文的會計政策說明），綜合財務報表是根據歷史成本基準編製。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.1 Basis of preparation of consolidated financial statements (Continued)

3.1 綜合財務報表編製基準（續）

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

歷史成本一般根據交易貨品及服務時所付出代價的公允價值計算。

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of HKFRS 2 Share-based Payment , leasing transactions that are accounted for in accordance with HKFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 Inventories or value in use in HKAS 36 Impairment of Assets .

公允價值是於計量日期市場參與者間於有秩序交易中出售資產所收取或轉讓負債須支付之價格，而不論該價格為可直接觀察取得或可使用其他估值方法估計。於估計資產或負債之公允價值時，本集團會考慮該等市場參與者於計量日期對資產或負債定價時所考慮之資產或負債之特點。於該等綜合財務報表中作計量及╱或披露用途之公允價值乃按此基準釐定，惟以下各項除外：屬於香港財務報告準則第2號「以股份為基礎的付款」範圍內以股份為付款基礎之交易、根據香港財務報告準則第16號入賬之租賃交易，以及其計量與公允價值之計量存在某些相似之處但並非公允價值，例如香港會計準則第2號「存貨」之可變現淨值或香港會計準則第36號「資產減值」之使用價值。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.1 Basis of preparation of consolidated financial statements (Continued)

3.1 綜合財務報表編製基準（續）

For financial instruments and investment properties which are transacted at fair value and a valuation technique that unobservable inputs is to be used to measure fair value in subsequent periods, the valuation technique is calibrated so that at initial recognition the results of the valuation technique equals the transaction price.

就按公允價值交易的金融工具及投資物業以及於其後期間計量公允價值將使用不可觀察輸入數據的估值方法而言，估值方法會予以校準以使初步確認時估值方法結果與交易價格相等。

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

此外，就財務報告而言，公允價值計量分為第一級、第二級或第三級，有關等級之劃分乃根據公允價值計量之輸入數據之可觀察程度及該輸入數據對公允價值計量之整體重要性，概述如下：

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
第一級輸入數據指該實體於計量日期由活躍市場上相同資產或負債獲得之報價（未經調整）；
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
第二級輸入數據指除第一級所包含之報價以外，可直接或間接從資產或負債觀察之輸入數據；及
Level 3 inputs are unobservable inputs for the asset or liability.
第三級輸入數據指不可從觀察資產或負債獲得之輸入數據。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved where the Company:

has power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策

綜合基準

綜合財務報表包括本公司及本公司所控制實體及其附屬公司的財務報表。當本公司符合以下情況時，即取得控制權：

有權控制被投資方；
因其參與被投資方業務而獲得或有權獲得可變回報；及
有能力以其權力影響其回報。

倘有事實及情況顯示上列三項控制權條件之其中一項或多項有變，則本集團會重新評估其是否對被投資方擁有控制權。

本集團於獲得附屬公司控制權時開始將附屬公司綜合入賬，並於失去附屬公司控制權時終止入賬。具體而言，於本年度內購入或出售之附屬公司之收入及開支，按自本集團獲得控制權當日起至本集團失去附屬公司控制權當日止，計入綜合損益表內。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Basis of consolidation (Continued)

綜合基準（續）

Profit or loss and each item of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the noncontrolling interests even if this results in the noncontrolling interests having a deficit balance.

損益及其他全面收入各項目乃歸於本公司擁有人及非控股權益。附屬公司的全面收入總額乃歸屬於本公司擁有人及非控股權益，即使將導致非控股權益呈現虧絀結餘。

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies.

當有必要時，會對附屬公司之財務報表作出調整，使其會計政策與本集團之會計政策一致。

All intra group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

所有集團內資產及負債、權益、收支及與本集團成員公司間交易相關之現金流量均於綜合賬目時對銷。

Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.

於附屬公司的非控股權益從本集團的權益分開呈列，指賦予其持有人於清盤時按比例分佔相關附屬公司資產淨值的權利的現時擁有權權益。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Changes in the Group’s interests in existing

subsidiaries

本集團於現有附屬公司的權益的變動

Changes in the Group’s interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s relevant components of equity and the noncontrolling interests are adjusted to reflect the changes in their relative interests in the subsidiaries, including re-attribution of relevant reserves between the Group and the non-controlling interests according to the Group’s and the non-controlling interests’ proportionate interests.

並無導致本集團失去附屬公司控制權的本集團於附屬公司的權益變動，乃按權益交易入賬。本集團的相關權益部分及非控股權益的賬面值，乃予以調整以反映彼等於附屬公司相關權益的變動，包括按照本集團與非控股權益之權益比例，將本集團與非控股權益之間的相關儲備重新歸屬。

Any difference between the amount by which the non-controlling interests are adjusted, and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

非控股權益數額的調整額與已付或已收代價公允價值之間的差額，乃於權益直接確認，並歸於本公司擁有人。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Changes in the Group’s interests in existing subsidiaries (Continued)

本集團於現有附屬公司的權益的變動（續）

When the Group loses control of a subsidiary, the assets and liabilities of that subsidiary and non-controlling interests (if any) are derecognised. A gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary attributable to the owners of the Company. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable HKFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under HKFRS 9 Financial Instruments (“ HKFRS 9 ”) or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

當本集團失去一間附屬公司之控制權時，則該附屬公司之資產及負債以及非控股權益（如有）應予取消確認。盈虧於損益內確認，並按：(i)已收代價公允價值及任何保留權益公允價值總額與(ii)本公司擁有人應佔附屬公司之資產（包括商譽）及負債之賬面值之差額計算。所有先前於其他全面收入確認之有關該附屬公司之款項，將按猶如本集團已直接出售該附屬公司之相關資產或負債入賬（即按適用香港財務報告準則之規定╱許可條文重新分類至損益或轉撥至另一類權益）。於失去控制權當日於前附屬公司保留之任何投資之公允價值將根據香港財務報告準則第9號「金融工具」（「香港財務報告準則第 9 號」），於其後入賬時被列作初步確認之公允價值，或（如適用）於初步確認時於一間聯營公司或合營企業之投資成本。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Business combinations or asset acquisitions

業務合併

Optional concentration test

選擇性集中度測試

Effective from 1 January 2020, the Group can elect to apply an optional concentration test, on a transaction by – transaction basis, that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. If the concentration test is met, the set of activities and assets is determined not to be a business and no further assessment is needed.

自2020年1月1日起，本集團可選擇在逐筆交易的基礎上實施選擇性集中度測試，簡化所收購的一組活動及資產是否屬於業務的評估。如所收購總資產之公允價值基本上都集中於單一可識別資產或一組相似的可識別資產中，則滿足集中度測試。評估總資產不包括現金及現金等值項目、遞延稅項資產以及由遞延稅項負債的影響所產生的商譽。若滿足集中度測試，則該組活動及資產不是一項業務，因此無需進行進一步評估。

Asset acquisitions

資產收購

When the Group acquires a group of assets and liabilities that do not constitute a business, the Group identifies and recognises the individual identifiable assets acquired and liabilities assumed by allocating the purchase price first to investment properties which are subsequently measured under fair value model and financial assets at the respective fair values, the remaining balance of the purchase price is then allocated to the other identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction does not give rise to goodwill or bargain purchase gain.

當本集團收購並不構成業務的資產及負債組別時，本集團通過按各自的公允價值將購買價首先分配至其後按公允價值模式計量的投資物業以及財務資產，從而識別及確認所收購的個別可識別資產及所承擔的負債，然後按其於購買日期的相對公允價值將購買價餘額分配至其他可識別資產及負債。有關交易並不會產生商譽或議價收購收益。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Business combinations or asset acquisitions

業務合併（續）

(Continued)

Business combinations

業務合併

Acquisition of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.

收購業務採用收購法入賬。業務合併的所轉讓代價按公允價值計量，而計算方法為由本集團轉讓的資產、本集團產生的對被收購者前擁有人的負債及本集團為換取被收購者的控制權而發行的股權於收購日期的公允價值的總額。有關收購的成本一般於產生時於損益中確認。

Except for certain recognition exemptions, the identifiable assets acquired and liabilities assumed must meet the definitions of an asset and a liability in the Framework for the Preparation and Presentation of Financial Statements ( replaced by the Conceptual Framework for Financial Reporting issued in October 2010).

除若干確認豁免外，所收購的可識別資產及承擔的負債必須符合「編製及呈列財務報表之框架」（由2010年10月頒佈的「財務報告概念框架」取代）中資產及負債的定義。

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:

於收購日期，所收購的可識別資產及所承擔的負債乃按公允價值確認，惟以下情況除外：

deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with HKAS 12 Income Taxes and HKAS 19 Employee Benefits respectively;
遞延稅項資產或負債，及與僱員福利安排相關的資產或負債分別按香港會計準則第12號「所得稅」及香港會計準則第19號「僱員福利」確認及計量；

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Business combinations or asset acquisitions (Continued)

業務合併（續）

Business combinations (Continued)

業務合併（續）

liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with HKFRS 2 Share-based Payment at the acquisition date (see the accounting policy below);
與被收購者以股份支付的安排有關或以本集團訂立之股份支付的安排取代被收購者以股份支付的安排有關的負債或股本工具，乃於收購日期按香港財務報告準則第2號「以股份為基礎的付款」計量（見以下會計政策）；
assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard; and
根據香港財務報告準則第 5 號「持作銷售非流動資產及已終止經營業務」分類為持作銷售的資產（或出售組別）根據該準則計量；及
lease liabilities are recognised and measured at the present value of the remaining lease payments (as defined in HKFRS 16) as if the acquired leases were new leases at the acquisition date, except for leases of which (a) the lease term ends within 12 months of the acquisition date; or (b) the underlying asset is of low value. Right-ofuse assets are recognised and measured at the same amount as the relevant lease liabilities, adjusted to reflect favourable or unfavourable terms of the lease when compared with market terms.

• 租賃負債按剩餘租賃付款（定義見香港財務報告準則第16號）的現值確認及計量，猶如收購的租賃於收購日期為新租賃，惟(a)租期於收購日期起計 12 個月內結束；或(b)相關資產為低價值的租賃除外。使用權資產按與相關租賃負債相同的金額確認及計量，並進行調整以反映與市場條款相比該租賃的有利或不利條款。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Business combinations or asset acquisitions (Continued)

業務合併（續）

Business combinations (Continued)

業務合併（續）

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as at acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.

商譽是以所轉讓的代價、任何非控股權益於被收購者中所佔金額及收購者先前持有的被收購者的股權的公允價值（如有）的總和，超出於收購日期所收購可識別資產及所承擔負債的淨額的差額計量。倘經過重新評估後，所收購的可識別資產與所承擔負債的淨額高於轉讓的代價、任何非控股權益於被收購者中所佔金額及收購者先前持有的被收購者的權益的公允價值（如有）的總和，則差額即時於損益內確認為議價收購收益。

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation are initially measured at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets or at fair value. The choice of measurement basis is made on a transaction-bytransaction basis.

屬現時擁有權權益且於清盤時讓持有人有權按比例分佔相關附屬公司資產淨值的非控股權益，初步以非控股權益應佔被收購者可識別資產淨值的已確認金額比例或公允價值計量。計量基準的選擇乃按每次交易為基礎。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Business combinations or asset acquisitions (Continued)

業務合併（續）

Business combinations (Continued)

業務合併（續）

When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively. Measurement period adjustments are adjustments that arise from additional information obtained during the “ measurement period ” (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

如本集團於業務合併的轉讓代價中含有或然代價安排，此或然代價須按收購日期的公允價值來計量並計入業務合併轉讓代價的一部分。凡合資格計入計量期調整的或然代價公允價值變動均作追溯調整。計量期調整乃指在「計量期」（於收購日期起不能超過一年）取得有關於收購日期已存在的事實及情況的補充資料導致作出的調整。

The subsequent accounting for the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured to fair value at subsequent reporting dates, with the corresponding gain or loss being recognised in profit or loss.

不合資格作為計量期調整的或然代價其後會計處理將取決於或然代價是如何分類。被歸類為權益的或然代價不會在其後呈報日期重新計量以及其隨後的結算將計入權益內。被歸類為資產或負債的或然代價須在其後呈報日期重新計量至公允價值，並在損益中確認相應的盈虧。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Goodwill

商譽

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see the accounting policy above) less accumulated impairment losses, if any.

收購一項業務所產生的商譽以業務收購日期（見上文會計政策）設立之成本減累計減值虧損（如有）入賬。

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or group of cash-generating units) that is expected to benefit from the synergies of the combination, which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment.

就減值測試而言，商譽被分配到預期從合併的協同效應中受益的本集團各現金產生單位（或現金產生單位的組別），而該單位或單位組別指就內部管理目的監控商譽的最低層面且不大於經營分部。

A cash-generating unit (or group of cash-generating units) to which goodwill has been allocated is tested for impairment annually or more frequently when there is indication that the unit may be impaired. For goodwill arising on an acquisition in a reporting period, the cash-generating unit (or group of cashgenerating units) to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit (or the group of cash-generating units).

已獲分配商譽的現金產生單位（或現金產生單位的組別）每年或當其有可能出現減值的跡象時更頻密地進行減值測試。因報告期內進行收購產生之商譽，已獲分配商譽的現金產生單位（或現金產生單位的組別）於該報告期末前進行減值測試。倘可收回金額少於其賬面值，減值虧損首先將被分配以削減商譽賬面值，其後按單位（或現金產生單位的組別）內各資產的賬面值按比例基準分配至其他資產。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Goodwill (Continued)

商譽（續）

On disposal of the relevant cash-generating unit or any of the cash-generating unit within the group of cash-generating units, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of an operation within the cashgenerating unit (or a cash-generating unit within a group of cash-generating units), the amount of goodwill disposed of is measured on the basis of the relative values of the operation (or the cashgenerating unit) disposed of and the portion of the cash-generating unit (or the group of cashgenerating units) retained.

商譽應佔金額於出售相關現金產生單位或該組現金產生單位內的任意現金產生單位時計入釐定出售損益的金額。當本集團出售現金產生單位（或現金產生單位組別內的現金產生單位）內的業務時，所出售商譽金額按所出售業務（或現金產生單位）與所保留現金產生單位（或現金產生單位組別）部分的相對價值計量。

The Group’s policy for goodwill arising on the acquisition of an associate is described below.

本集團因收購聯營公司產生的商譽的政策載列下文。

Investments in associates

於聯營公司的投資

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control of those policies.

聯營公司是本集團擁有重大影響力的實體。重大影響力是指參與被投資方的財務及營運政策決定的權力，而非對該等政策行使控制權或共同控制權。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Investments in associates (Continued)

於聯營公司的投資（續）

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is or the portion so classified is accounted for in accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations . Any retained portion of an investment in an associate that has not been classified as held for sale continues to be accounted for using the equity method. The financial statements of associates used for equity accounting purpose are prepared using uniform accounting policies as those of the Group for like transactions and events in similar circumstances. Under the equity method, an investment in an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate. Changes in net assets of the associate other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

聯營公司業績以及資產及負債以權益會計法於該等綜合財務報表入賬，惟當投資或其部分被分類為持作銷售時則除外，在此情況下，該投資或被分類之部分乃根據香港財務報告準則第5號「持作銷售非流動資產及已終止經營業務」予以入賬。於聯營公司之投資之任何保留部分，如未分類為持作銷售，則繼續按權益法入賬。使用權益會計法的聯營公司的財務報表乃按類同交易及類同情況的事件下本集團的統一會計政策編製。根據權益法，於聯營公司的投資初步按成本於綜合財務狀況表內確認，並於其後就確認本集團分佔聯營公司的損益及其他全面收入予以調整。除損益及其他全面收入外，聯營公司資產淨值的變動不會入賬，除非該等變動導致本集團持有的擁有權權益出現變動。當本集團應佔聯營公司的虧損超出本集團於聯營公司的權益（包括實質上成為本集團於聯營公司投資淨額一部分的任何長期權益）時，本集團取消確認其應佔的進一步虧損。僅於本集團已產生法定或推定責任，或已代表聯營公司支付款項的情況下，方會確認額外虧損。

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Investments in associates (Continued)

於聯營公司的投資（續）

An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.

The Group assesses whether there is an objective evidence that the interest in an associate may be impaired. When any objective evidence exists, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with HKAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised is not allocated to any asset, including goodwill, that forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with HKAS 36 to the extent that the recoverable amount of the investment subsequently increases.

於聯營公司的投資乃自被投資方成為聯營公司當日起按權益法入賬。收購於聯營公司的投資時，投資成本超出本集團應佔被投資方的可識別資產及負債的公允價值淨額的任何差額確認為商譽，並計入投資的賬面值。本集團分佔可識別資產及負債的公允價值淨額超出投資成本的任何差額，在重新評估後，即時於收購投資期間於損益內確認。

本集團評估是否有客觀證據證明於聯營公司的權益可能已出現減值。如有任何客觀證據，投資（包括商譽）的全部賬面值會作為單一資產，根據香港會計準則第36號透過比較其可收回金額（使用價值與公允價值減出售成本兩者中之較高者）與其賬面值以進行減值測試。任何已確認的減值虧損不會分配到任何資產（包括商譽），而會構成投資賬面值的一部分。倘投資的可收回金額其後回升，減值虧損的任何撥回會按照香港會計準則第36號確認。

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Investments in associates (Continued)

於聯營公司的投資（續）

When the Group ceases to have significant influence over an associate, it is accounted for as a disposal of the entire interest in the investee with a resulting gain or loss being recognised in profit or loss. When the Group retains an interest in the former associate and the retained interest is a financial asset within the scope of HKFRS 9, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition. The difference between the carrying amount of the associate and the fair value of any retained interest and any proceeds from disposing of the relevant interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) upon disposal/partial disposal of the relevant associate.

當本集團不再對聯營公司擁有重大影響力時，將以出售於被投資方的全部權益入賬，所得收益或虧損於損益確認。倘本集團保留於前聯營公司的權益且該保留權益為香港財務報告準則第9號界定的財務資產，則本集團會於該日按公允價值計量保留權益，而該公允價值被視為於初步確認時的公允價值。聯營公司的賬面值與任何保留權益及出售聯營公司相關權益的任何所得款項公允價值之間的差額，會於釐定出售聯營公司的收益或虧損時入賬。此外，本集團會將先前在其他全面收入就聯營公司確認的所有金額入賬，基準與聯營公司直接出售相關資產或負債所需基準相同。因此，倘聯營公司先前已於其他全面收入確認的收益或虧損，會於出售相關資產或負債時重新分類至損益，則本集團會於出售╱部分出售有關聯營公司後將收益或虧損由權益重新分類至損益（作為重新分類調整）。

The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture. There is no remeasurement to fair value upon such changes in ownership interests.

當於聯營公司的投資成為於合營企業的投資時，本集團將繼續使用權益法。於此類擁有權權益變動發生時，公允價值不會重新計量。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Investments in associates (Continued)

When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

When a group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

Non-current assets held for sale

Non-current assets (and disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset (or disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such asset (or disposal group) and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a complete sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in the relevant subsidiary after the sale.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

於聯營公司的投資（續）

倘本集團削減其於聯營公司的擁有權權益而本集團繼續採用權益法，若有關收益或虧損會於出售相關資產或負債時重新分類至損益，則本集團會將先前已於其他全面收入確認與削減擁有權權益有關的收益或虧損部分重新分類至損益。

倘集團實體與本集團的聯營公司進行交易，僅在聯營公司的權益與本集團無關的情況下，與聯營公司進行交易所產生的溢利及虧損方會於本集團的綜合財務報表中確認。

持作銷售之非流動資產

倘非流動資產及出售組別之賬面值將主要透過出售交易（而非透過持續使用）收回，則有關非流動資產及出售組別會分類為持作銷售。此條件僅於資產（或出售組別）可以其現況即時出售，出售條款僅屬出售該資產（或出售組別）的一般慣常條款，且極有可能出售時，方視為達成。管理層須致力促成出售，且預期由分類日期起計一年內符合資格確認為已完成之出售。

當本集團致力進行涉及失去附屬公司控制權之出售計劃時，假如符合上述條件，不論出售後本集團是否於相關附屬公司保留非控股權益，該附屬公司之全部資產及負債均會分類為持作銷售。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Non-current assets held for sale (Continued)

持作銷售之非流動資產（續）

When the Group is committed to a sale plan involving disposal of an investment, or a portion of an investment, in an associate, the investment or the portion of the investment that will be disposed of is classified as held for sale when the criteria described above are met, and the Group discontinues the use of the equity method in relation to the portion that is classified as held for sale from the time when the investment (or a portion of the investment) is classified as held for sale.

當本集團承諾進行涉及出售於聯營公司之投資或部分投資之出售計劃，倘符合上述條件，將予出售之該項投資或部分投資分類為持作銷售，而本集團將由投資（或部分投資）分類為持作銷售之時起，不再就該部分使用權益法。

Non-current assets (or disposal group) classified as held for sale are measured at the lower of their previous carrying amount and fair values less costs to sell, except for financial assets within the scope of HKFRS9, which continue to be measured in accordance with the accounting policies as set out in respective sections.

分類為持作銷售之非流動資產（或出售組別）按其先前賬面值與公允價值減出售成本（以較低者為準）計量，除香港財務報告準則第9號範圍內的金融資產外，後者將繼續按各章節所載會計政策計量。

Revenue from contracts with customers

客戶合約收益

The Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “ control ” of the goods or services underlying the particular performance obligation is transferred to the customer.

當（或於）履行履約責任時（即當特定履約責任的相關貨品或服務的「控制權」轉移至客戶時），本集團確認收益。

A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.

履約責任指明確的貨品或服務（或一組貨品或服務）或一系列大致相同的明確貨品或服務。

Control is transferred over time and revenue is recognised over time by reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met:

控制權隨時間轉移，倘滿足以下其中一項標準，則參照完全履行相關履約責任的進度隨時間確認收益：

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Revenue from contracts with customers (Continued)

the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs;
the Group’s performance creates and enhances an asset that the customer controls as the Group performs; or
the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.

A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with HKFRS 9. In contrast, a receivable represents the Group’s unconditional right to consideration, i.e. only the passage of time is required before payment of that consideration is due.

A contract liability represents the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

A contract asset and a contract liability relating to the same contract are accounted for and presented on a net basis.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

客戶合約收益（續）

隨著本集團履約，客戶同時取得並耗用本集團履約所提供的利益；
本集團的履約創建及強化一項資產，而客戶可隨著本集團履約而控制該資產；或
本集團的履約並未創建對本集團有替代用途的資產，且本集團對迄今已完成履約的款項具有可強制執行的權利。

否則，收益會在客戶取得明確貨品或服務的控制權的時間點確認。

合約資產指本集團就換取本集團已轉讓予客戶的貨品或服務的代價的權利（尚未成為無條件）。其根據香港財務報告準則第9號評估減值。相反，應收款項指本集團收取代價的無條件權利，即在該筆代價到期付款前僅需時間推移。

合約負債指本集團因已自客戶收取代價（或一筆代價金額已到期），而須轉移貨品或服務予客戶的責任。

與同一合約有關的合約資產及合約負債按淨額基準入賬及呈列。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Revenue from contracts with customers (Continued)

Existence of significant financing component

In determining the transaction price, the Group adjusts the promised amount of consideration for the effects of the time value of money if the timing of payments agreed (either explicitly or implicitly) provides the customer or the Group with a significant benefit of financing the transfer of goods or services to the customer. In those circumstances, the contract contains a significant financing component. A significant financing component may exist regardless of whether the promise of financing is explicitly stated in the contract or implied by the payment terms agreed to by the parties to the contract.

For contracts where the period between payment and transfer of the associated goods or services is less than one year, the Group applies the practical expedient of not adjusting the transaction price for any significant financing component.

Contract costs

Costs to fulfil a contract

The Group incurs costs to fulfil a contract in its construction of infrastructure and development of properties. The Group first assesses whether these costs qualify for recognition as an asset in terms of other relevant Standards, failing which it recognises an asset for these costs only if they meet all of the following criteria:

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

客戶合約收益（續）

存在重大融資部分

釐定交易價格時，倘所協定的付款時間（明示或暗示）為客戶或本集團提供有關向客戶轉移貨品或服務的重大融資利益，本集團會就貨幣時間價值的影響調整已承諾的代價金額。在此情況下，合約包含重大融資部分。不論融資承諾是否明確列於合約或隱含在訂約方協定的付款條款中，亦可能存在重大融資部分。

對於付款與轉移相關貨品或服務相隔期間不足一年的合約，本集團應用實際可行權宜方法，不就任何重大融資部分調整交易價格。

合約成本

履行合約的成本

本集團於基礎設施建設及物業發展中產生履行合約的成本。本集團首先根據其他相關準則評估該等成本是否合資格確認為資產，倘不合資格，僅在符合以下全部標準後將該等成本確認為資產：

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Revenue from contracts with customers (Continued)

Contract costs (Continued)

Costs to fulfil a contract (Continued)

(a) the costs relate directly to a contract or to an anticipated contract that the Group can specifically identify;
(b) the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and
(c) the costs are expected to be recovered.

The asset so recognised is subsequently amortised to profit or loss on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the assets relate. The asset is subject to impairment review.

Leases

Definition of lease

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

For contracts entered into or modified on or after the date of initial application or arising from business combinations, the Group assesses whether a contract is or contains a lease based on the definition under HKFRS 16 at inception, modification date or acquisition date, as appropriate. Such contract will not be reassessed unless the terms and conditions of the contract are subsequently changed.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

客戶合約收益（續）

合約成本（續）

履行合約的成本（續）

(a) 有關成本與本集團可特定識別的合約或預期訂立的合約有直接關係；
(b) 有關成本令本集團將用於履行（或持續履行）日後履約責任的資源得以產生或有所增加；及
(c) 有關成本預期可收回。

如此確認的資產其後按系統化基準攤銷至損益，該基準與向客戶轉讓該等資產相關的貨品及服務一致。資產須進行減值檢討。

租賃

租賃的定義

倘合約獲給予權利在一段時間內控制已識別資產的使用以換取代價，則合約為一項租賃或包含租賃。

就於首次應用當日或之後訂立或修訂或因業務合併而產生的合約而言，本集團於開始、修訂日期或收購日期（如適用）根據於香港財務報告準則第16號項下的定義評估合約是否為一項租賃或包含租賃。該合約將不會被重新評估，除非該合約中的條款及條件其後被改動。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Leases (Continued)

租賃（續）

The Group as a lessee

本集團作為承租人

Allocation of consideration to components of a contract

將代價分配至合約成分

For a contract that contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative standalone price of the lease component and the aggregate stand-alone price of the non-lease components.

就含有租賃成分以及一項或多項額外租賃或非租賃成分的合約而言，本集團將合約代價分配至各租賃成分，基準是租賃成分的相對獨立價格及非租賃成分的總獨立價格。

Short-term leases and leases of low-value assets

短期租賃及低價值資產租賃

The Group applies the short-term lease recognition exemption to leases of office that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the recognition exemption for lease of lowvalue assets. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis or another systematic basis over the lease term.

本集團就自開始日期起計租期為12個月或以下且不包括購買權的辦公室租賃應用短期租賃確認豁免。本集團亦就低價值資產的租賃應用確認豁免。短期租賃及低價值資產租賃的租賃付款乃於租期內以直線法或另一系統化基準確認為開支。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Leases (Continued)

The Group as a lessee (Continued)

Right-of-use assets

The cost of right-of-use asset includes:

the amount of the initial measurement of the lease liability;
any lease payments made at or before the commencement date, less any lease incentives received;
any initial direct costs incurred by the Group; and
an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease.

Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities other than adjustments to lease liabilities resulting from Covid-19-related rent concessions in which the Group applied the practical expedient.

Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term are depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.

The Group presents right-of-use assets as a separate line item on the consolidated statement of financial position.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

租賃（續）

本集團作為承租人（續）

使用權資產

使用權資產的成本包括：

租賃負債之初始計量金額；
於開始日期或之前作出的任何租賃付款，減任何已收租賃優惠；
本集團產生的任何初始直接成本；及
本集團於拆除及拆遷相關資產、復原相關資產所在場地或復原相關資產至租賃的條款及條件所規定的狀況時估計產生的成本。

使用權資產按成本減任何累計折舊及減值虧損計量，並就租賃負債的任何重新計量作出調整，但本集團應用可行權宜方法的2019冠狀病毒病相關租金寬減所導致的租賃負債調整除外。

本集團合理地確定於租期結束時會獲取的相關租賃資產擁有權的使用權資產按開始日期起至可使用年期結束時計提折舊。在其他情況下，使用權資產按直線法於其估計可使用年期及租期（以較短者為準）內計提折舊。

本集團於綜合財務狀況表內將使用權資產呈列為獨立項目。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Leases (Continued)

The Group as a lessee (Continued)

Refundable rental deposits

Refundable rental deposits paid are accounted under HKFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets.

Lease liabilities

At the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.

The lease payments include:

fixed payments (including in-substance fixed payments) less any lease incentives receivable;
variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;
amounts expected to be payable by the Group under residual value guarantees;
the exercise price of a purchase option if the Group is reasonably certain to exercise the option; and
payments of penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

租賃（續）

本集團作為承租人（續）

可退回租賃按金

已付可退回租賃按金乃根據香港財務報告準則第9號入賬，初始按公允價值計量。首次確認時對公允價值作出的調整被視為額外租賃付款且計入使用權資產成本。

租賃負債

於租賃開始日期，本集團以於該日期尚未支付的租賃付款的現值確認並計量租賃負債。倘租賃的隱含利率不易釐定，則本集團會使用於租賃開始日期的增量借款利率計算租賃付款的現值。

該等租賃付款包括：

固定付款（包括實質固定付款）減任何應收租賃優惠；
取決於一項指數或比率的可變租賃付款，初步使用於開始日期的指數或比率計量；
剩餘價值擔保項下本集團預計應付金額；
本集團合理地確定將行使的購買權的行使價；及
為終止租賃而支付的罰款（倘租期反映本集團正行使終止租賃權）。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Leases (Continued)

The Group as a lessee (Continued)

Lease liabilities (Continued)

After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.

The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-ofuse assets) whenever:

the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment.
the lease payments change due to changes in market rental rates following a market rent review, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.

The Group presents lease liabilities as a separate line item on the consolidated statement of financial position.

Lease modifications

Except for Covid-19-related rent concessions in which the Group applied the practical expedient, the Group accounts for a lease modification as a separate lease if:

the modification increases the scope of the lease by adding the right to use one or more underlying assets; and
the consideration for the leases increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

租賃（續）

本集團作為承租人（續）

租賃負債（續）

於開始日期後，租賃負債以應計利息及租賃付款予以調整。

倘出現以下情況，本集團重新計量租賃負債（並就相關使用權資產作出相應調整）：

租期有所變動或行使購買選擇權的評估發生變化，在該情況下，相關租賃負債透過使用重新評估日期的經修訂貼現率貼現經修訂租賃付款而重新計量。
由於市場租金審查後市場租金變動導致租賃付款發生變動，在此情況下，使用初始貼現率對修正後的租賃付款額進行貼現以重新計量相關的租賃負債。

本集團於綜合財務狀況表內將租賃負債呈列為單獨項目。

租賃修改

除本集團應用可行權宜方法的 2019冠狀病毒病相關租金寬減外，倘出現以下情況，本集團將租賃修改作為單獨租賃入賬：

修改透過加入使用一項或以上相關資產之權利擴大租賃範圍；及
租賃代價增加，增加之金額相當於範圍擴大對應之獨立價格及為反映特定合約之實際情況而對該獨立價格進行之任何適當調整。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Leases (Continued)

租賃（續）

The Group as a lessee (Continued)

本集團作為承租人（續）

Lease modifications (Continued)

租賃修改（續）

For a lease modification that is not accounted for as a separate lease, the Group remeasures the lease liability, less any lease incentives receivable, based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

就未作為單獨租賃入賬之租賃修改而言，本集團按透過使用修改生效日期之經修訂貼現率貼現經修訂租賃付款之經修改租賃之租期重新計量租賃負債。

The Group accounts for the remeasurement of lease liabilities by making corresponding adjustments to the relevant right-of-use asset. When the modified contract contains a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the modified contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components.

本集團透過對相關使用權資產作出相應調整，重新計量租賃負債。當經修改合約含有租賃成分以及一項或多項額外租賃或非租賃成分時，本集團將經修改合約代價分配至各租賃成分，基準是租賃成分的相對獨立價格及非租賃成分的總獨立價格。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Leases (Continued)

租賃（續）

The Group as a lessee (Continued)

本集團作為承租人（續）

Covid-19-related rent concessions

2019冠狀病毒病相關租金寬減

In relation to rent concessions that occurred as a direct consequence of the Covid-19 pandemic, the Group has elected to apply the practical expedient not to assess whether the change is a lease modification if all of the following conditions are met:

就因2019冠狀病毒病直接產生之租金寬減而言，倘符合下列所有條件，本集團已選擇應用可行權宜方法，不評估該變動是否屬租賃修改：

the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change;
租賃付款變動導致經修訂租賃代價與緊接變動前的租賃代價大致相同或低於該代價；
any reduction in lease payments affects only payments originally due on or before 30 June 2021; and
任何租賃付款減少僅影響原到期日為2021年6 月30日或之前的付款；
there is no substantive change to other terms and conditions of the lease.
其他租賃條款及條件並無實質變動。

A lessee applying the practical expedient accounts for changes in lease payments resulting from rent concessions the same way it would account for the changes applying HKFRS 16 if the changes are not a lease modification. Forgiveness or waiver of lease payments are accounted for as variable lease payments. The related lease liabilities are adjusted to reflect the amounts forgiven or waived with a corresponding adjustment recognised in the profit or loss in the period in which the event occurs.

應用可行權宜方法將租賃寬減導致的租賃付款變動列賬的承租人將以同一方式將應用香港財務報告準則第 16 號的變動入賬（倘變動並非租賃修改）。租賃付款的寬免或豁免按可變租賃付款列賬。相關租賃負債經調整以反映寬免或豁免的金額，並於該事件發生的期內在損益中確認相應調整。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Leases (Continued)

租賃（續）

The Group as a lessor

本集團作為出租人

Classification and measurement of leases

租賃的分類及計量

Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of an underlying asset to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

本集團作為出租人的租賃分類為融資或經營租賃。當租賃條款將相關資產擁有權附帶的絕大部分風險及回報轉移至承租人時，該合約分類為融資租賃。所有其他租賃分類為經營租賃。

Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct cost incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset, and such costs are recognised as an expense on a straight-line basis over the lease term except for investment properties measured under fair value model.

經營租賃所產生的租金收入乃按相關租賃的租期以直線法於損益確認。磋商及安排經營租賃所產生的初始直接成本加至租賃資產的賬面值，而有關成本按租期以直線法確認為開支，惟按公允價值模式計量的投資物業除外。

Rental income which are derived from the Group’s ordinary course of business are presented as revenue.

來自本集團日常業務過程中的租金收入呈列為收益。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Foreign currencies

外幣

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recognised at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

於編製各個別集團實體的財務報表時，以該實體功能貨幣以外的貨幣（外幣）進行的交易均按交易日期的現行匯率確認。於各報告期末，以外幣列值的貨幣項目均按該日的現行利率重新換算。以外幣列值按公允價值列賬的非貨幣項目按釐定公允價值之日的現行利率重新換算。以外幣列值按過往成本計量的非貨幣項目毋須重新換算。

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise, expect for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the Group’s interests in associates.

因結算貨幣項目產生及因重新換算貨幣項目產生之匯兌差額於產生期間於損益確認，惟結算並非計劃以內或不大可能產生之應收或應付海外業務貨幣項目（即構成於海外業務淨投資之一部分）之匯兌差額除外，有關匯兌差額初步於其他全面收入確認，並於出售或部分出售本集團於聯營公司的權益時從權益重新分類至損益。

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s operations are translated into the presentation currency of the Group (i.e. RMB) using exchange rates prevailing at the end of each reporting period. Income and expenses items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case, the exchange rate at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of exchange reserves (attributed to non-controlling interests as appropriate).

就呈列綜合財務報表而言，本集團業務的資產及負債乃按於各報告期末使用現行匯率換算為本集團的呈列貨幣（即人民幣）。收入及支出項目乃按該期間的平均匯率進行換算，除非期內匯率出現重大波幅，於此情況下，將採用交易日期之匯率。所產生的匯兌差額（如有）（歸屬非控股權益，如適用）於其他全面收入確認且於權益之匯兌儲備項下累計。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Foreign currencies (Continued)

外幣（續）

On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

出售海外業務時（即出售本集團於海外業務之全部權益、或出售涉及失去包括海外業務之附屬公司之控制權、或部分出售包括海外業務之合營安排或聯營公司之權益（其保留權益成為一項財務資產）），本公司擁有人就該業務應佔之所有於權益累計之匯兌差額乃重新分類至損益。

In addition, in relation to a partial disposal of a subsidiary that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are reattributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.

此外，就部分出售附屬公司但並無引致本集團失去對該附屬公司之控制權，則按比例將累計匯兌差額重新分配予非控股權益，且不在損益內確認。對於所有其他部分出售（即部分出售聯營公司或合營安排但並無引致本集團失去重大影響力或共同控制權），則按比例將累計匯兌差額重新分類至損益。

Goodwill and fair value adjustments on identifiable assets acquired arising on an acquisition of a foreign operation are treated as assets and liabilities of that foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income.

透過收購海外業務所收購可識別資產之商譽及公允價值調整乃作為海外業務之資產及負債處理，並按於各報告期末之現行匯率換算。產生之匯兌差額乃於其他全面收入確認。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Borrowing costs

借貸成本

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets until such time as the assets are substantially ready for their intented use or sale.

收購、興建或生產合資格資產（需以一段長時間準備以作擬定用途或銷售）的直接應佔借貸成本計入該等資產之成本，直至大部分資產可作擬定用途或出售時為止。

All other borrowings costs are recognised in profit or loss in the period in which they are incurred.

所有其他借貸成本均於產生期間在損益內確認。

Government grants

政府補助金

Government grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.

在合理地保證本集團會遵守政府補助金的附帶條件及將會得到補助以後，政府補助金方會予以確認。

Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire noncurrent assets are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.

政府補助金乃就本集團確認的有關支出（預期補助可予抵銷成本的支出）期間按系統化的基準於損益中確認。具體而言，以要求本集團購買、建造或收購非流動資產為主要條件的政府補助金乃於綜合財務狀況表確認為遞延收入，並於相關資產的可使用年期內按系統化及理性的基準轉撥至損益。

115

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Government grants (Continued)

Government grants related to income are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognised in profit or loss in the period in which they become receivable. Such grants are presented under “other income”.

The benefit of a government loan at a belowmarket rate of interest is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

Employee benefits

Retirement benefits costs

Payments to state-managed retirement benefit schemes and the Mandatory Provident Fund Scheme are recognised as an expense when employees have rendered service entitling them to the contributions.

Termination benefits

A liability for a termination benefit is recognised at the earlier of when the group entity can no longer withdraw the offer of the termination benefit and when it recognises any related restructuring costs.

Short-term employee benefits

Short-term employee benefits are recognised at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All short-term employee benefits are recognised as an expense unless another HKFRS requires or permits the inclusion of the benefit in the cost of an asset.

A liability is recognised for benefits accruing to employees (such as wages and salaries, annual leave and sick leave) after deducting any amount already paid.

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

政府補助金（續）

與收入有關的政府補助金是抵銷已產生的支出或虧損或旨在給予本集團即時財務支援（而無未來有關成本）之應收款項，於有關補助成為應收款項的期間在損益中確認。該等補助金呈列於「其他收入」。

按低於市場利率所取得的政府貸款利益被視為政府補助金，按已收所得款項與根據現行市場利率的貸款公允價值之間的差額計量。

僱員福利

退休福利成本

向國家管理的退休福利計劃及強制性公積金計劃作出的付款於僱員提供服務而可享有該等供款時確認為開支。

終止福利

終止福利之負債於集團實體不能取消提供終止福利時及實體確認任何有關重組成本當日（以較早者為準）確認。

短期僱員福利

短期僱員福利於僱員提供服務時就預計將支付福利的未貼現金額確認。所有短期僱員福利確認為開支，除非另一項香港財務報告準則要求或允許將有關福利納入資產成本，則作別論。

在扣除已經支付的任何金額後，對僱員應得的福利（例如工資及薪金、年假及病假）確認負債。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Taxation

稅項

Income tax expense represents the sum of the tax currently payable and deferred tax.

所得稅開支指現時應付稅項及遞延稅項的總和。

The tax currently payable is based on taxable profit for the year. Taxable profit differs from loss before tax because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

現時應付稅項按本年度應課稅溢利計算。應課稅溢利與除稅前虧損不同，此乃由於在其他年度應課稅或可扣減的收入或支出，以及從不課稅或扣減的項目所致。本集團的即期稅項負債是按報告期末已實行或實質上已實行的稅率計算。

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

遞延稅項按在綜合財務報表內資產及負債的賬面值與於計算應課稅溢利時採用的相應稅基的暫時差額確認。遞延稅項負債一般就所有應課稅暫時差額確認。所有可扣減暫時差額一般則會在應課稅溢利可供用作抵銷該等可予扣減暫時差額時確認為遞延稅項資產。倘暫時差額是因一項不會影響應課稅溢利或會計溢利之交易涉及的資產及負債進行初步確認時（業務合併除外）產生，則有關遞延稅項資產及負債不予確認。此外，倘暫時差額因商譽進行初步確認時產生，則遞延稅項負債不予確認。

117

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Taxation (Continued)

稅項（續）

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

遞延稅項負債將會就與附屬公司及聯營公司的投資有關的應課稅暫時差額確認入賬，惟倘本集團可控制暫時差額的撥回，並且該暫時差額將不會在可見將來撥回者除外。可扣減暫時差額產生之遞延稅項資產（與該等投資及權益有關）可確認，惟僅以可能將有足夠應課稅溢利可動用暫時差額之利益，且彼等預期於可預見將來撥回為限。

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

遞延稅項資產賬面值於各報告期末檢討，並於其將不再可能有足夠應課稅溢利可收回所有或部分資產時扣減。

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

遞延稅項資產及負債按預期於負債可結算或資產可變現期間內應用之稅率以於報告期末已施行或實質上施行之稅率（及稅法）為基準計量。

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

遞延稅項負債及資產之計量反映本集團預期收回或結算其資產及負債賬面值之方式於報告期末造成的稅務影響。

118

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Taxation (Continued)

稅項（續）

For the purposes of measuring deferred tax for investment properties that are measured using the fair value model, the carrying amounts of such properties are presumed to be recovered entirely through sale, unless the presumption is rebutted. The presumption is rebutted when the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefits embodied in the investment property over time, rather than through sale.

就計量使用公允價值模式計量的投資物業的遞延稅項而言，該等物業的賬面值乃假設通過銷售全數收回，除非該假設被推翻，則另作別論。當投資物業可予折舊及按目標為隨時間而非透過銷售消耗投資物業所包含的絕大部分經濟裨益的業務模式持有時，有關假設會被推翻。

For the purposes of measuring deferred tax for leasing transactions in which the Group recognises the right-of-use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.

就計量本集團確認使用權資產及相關租賃負債的租賃交易的遞延稅項而言，本集團首先釐定扣稅是否歸屬於使用權資產或租賃負債。

For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies HKAS 12 Income Taxes requirements to right-of-use assets and lease liabilities separately. Temporary differences relating to right-of-use assets and lease liabilities are not recognised at initial recognition and over the lease terms due to application of the initial recognition exemption. Temporary differences arising from subsequent revision to the carrying amounts of right-ofuse assets and lease liabilities, resulting from remeasurement of lease liabilities and lease modifications, that are not subject to initial recognition exemption are recognised on the date of remeasurement or modification.

就扣稅歸屬於租賃負債的租賃交易而言，本集團分開應用香港會計準則第 12 號「所得稅」的規定至使用權資產及租賃負債。由於應用初步確認豁免，有關使用權資產及租賃負債的暫時差額於初步確認時及於租期內不獲確認。因重新計量租賃負債及租賃修訂而對使用權資產及租賃負債的賬面值作出的修訂所產生的暫時性差異，如不屬於初始確認豁免範圍，則於重新計量或修訂當日確認。

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied to the same taxable entity by the same taxation authority.

當有即期稅項資產抵銷即期稅項負債的法定強制性權利，以及遞延稅項資產及負債是與同一稅務部門對同一應課稅實體徵收的所得稅相關，則會抵銷遞延稅項資產及負債。

119

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Taxation (Continued)

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

Property, plant and equipment

Property, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, or for administrative purposes (other than properties under construction as described below). Property, plant and equipment are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any.

Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Costs include any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and for qualifying assets, borrowing costs capitalised in accordance with the Group’s accounting policy. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

Depreciation is recognised so as to write-off the cost of assets other than properties under construction less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

稅項（續）

即期及遞延稅項於損益確認，惟倘其與其他全面收入或直接於權益確認之項目有關，於此情況下，即期及遞延稅項亦分別於其他全面收入或直接於權益確認。當即期稅項或遞延稅項於業務合併之初始會計階段產生，則稅務影響包括在業務合併的會計處理之中。

物業、廠房及設備

物業、廠房及設備為持作用於產品或服務生產或供應或行政用途的有形資產（下文所述在建物業除外）。物業、廠房及設備按成本減其後之累計折舊及其後之累計減值虧損（如有）於綜合財務狀況表列賬。

正在興建用於生產、供貨或行政用途的物業以成本減任何已確認的減值虧損列賬。成本包括令資產達致按管理層擬定方式運作所需的地點及狀況而直接產生的任何成本，及（就合資格資產而言）根據本集團會計政策資本化的借貸成本。該等資產的折舊與其他物業資產一樣，於該等資產可作擬定用途時開始折舊。

資產（在建物業除外）乃按其估計可使用年期經扣減其剩餘價值後，使用直線法撇銷其成本以確認折舊。於各報告期末，估計可使用年期、剩餘價值及折舊方法將經審閱，以按預期基準反映任何估計變動的影響。

120

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Property, plant and equipment (Continued)

物業、廠房及設備（續）

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

物業、廠房及設備項目於出售時或預期繼續使用有關資產亦不會帶來任何未來經濟利益時將取消確認。出售或棄用物業、廠房及設備項目所產生的任何收益或虧損乃按有關資產的出售所得款項與其賬面值的差額釐定，並於損益內確認。

Investment properties

投資物業

Investment properties are properties held to earn rentals and/or for capital appreciation.

投資物業乃就賺取租金及╱或作資本增值持有之物業。

Investment properties also include leased properties which are being recognised as right-of-use assets and subleased by the Group under operating leases.

投資物業亦包括租賃物業，該等租賃物業確認為使用權資產並由本集團根據經營租賃分租。

Investment properties are initially measured at cost. Subsequent to initial recognition, investment properties are measured at fair value, adjusted to exclude any prepaid or accrued operating lease income.

投資物業初始按成本計量。於初步確認後，投資物業按公允價值計量，並就撇除任何預付或應計經營租賃收入作出調整。

Gains or losses arising from change in the fair value of investment properties are included in profit or loss for the period in which they arise.

投資物業公允價值的變動所產生的盈虧於產生期間計入損益。

Construction costs incurred for investment properties under construction are capitalised as part of the carrying amount of the investment properties under construction.

就在建投資物業產生的建築成本乃資本化作在建投資物業賬面值的一部分。

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. A leased property which is recognises as a right-of-use asset is derecognised if the Group as intermediate lessor classifies the sublease as a finance lease. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognised.

投資物業於出售或該項投資物業永久不再使用且預期其於出售後不會產生未來經濟裨益時取消確認。倘本集團作為中介出租人將分租分類為融資租賃，確認為使用權資產的租賃物業取消確認。取消確認該項物業所產生的任何盈虧（按該資產的出售所得款項淨額及賬面值之間的差額計算）於該物業取消確認期間計入損益。

121

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments

金融工具

Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instruments. All regular way purchases or sales of financial assets are recognised and derecognised on a settlement date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.

財務資產及財務負債乃當某集團實體成為工具合約條文的訂約方時確認。所有一般財務資產買賣按結算日基準確認及取消確認。一般買賣指須於市場規定或慣例確立之期限內交付資產之財務資產買賣。

Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with HKFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets at fair value through profit or loss (“ FVTPL ”)) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at FVTPL are recognised immediately in profit or loss.

財務資產及財務負債按公允價值初步計量，惟根據香港財務報告準則第15號初步計量的來自客戶合約的應收賬款除外。收購或發行財務資產及財務負債（不包括按公允價值計入損益（「按公允價值計入損益」）的財務資產）直接應佔的交易成本乃於初步確認時加入財務資產或財務負債的公允價值或自財務資產或財務負債的公允價值內扣除（如適用）。直接歸屬於收購按公允價值計入損益的財務資產或財務負債的交易成本，將於損益中即時確認。

The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

實際利率法乃為計算有關期間財務資產或財務負債的攤銷成本及分配利息收入及利息開支的方法。實際利率乃按財務資產或財務負債的預計年期或（倘適用）較短期間內，於初步確認時準確貼現估計未來現金收款及付款（包括構成實際利率完整部分的所有已付或已收費用及基點、交易成本及其他溢價或折讓）至賬面淨值的利率。

Interest/dividend income which are derived from the Group’s ordinary course of business are presented as revenue.

源自本集團日常業務過程的利息╱股息收入呈列為收益。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets

Classification and subsequent measurement of financial assets

Financial assets that meet the following conditions are subsequently measured at amortised cost:

the financial asset is held within a business model whose objective is to collect contractual cash flows; and
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“ FVTOCI ”):

the financial asset is held within a business model whose objective is achieved by both selling and collecting contractual cash flows; and
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are subsequently measured at FVTPL, except that initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which HKFRS 3 Business Combinations applies.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

金融工具（續）

財務資產

財務資產的分類及其後計量

符合以下條件的財務資產其後按攤銷成本計量：

財務資產乃於目的是收取合約現金流量的業務模式內持有；及
合約條款導致於特定日期產生的現金流量僅為償還本金及尚未償還本金利息。

符合下列條件的財務資產其後按公允價值計入其他全面收入

（「按公允價值計入其他全面收入」）計量：

財務資產乃於透過出售及收取合約現金流量而達成目的之業務模式內持有；及
合約條款導致於特定日期產生的現金流量僅為償還本金及尚未償還本金利息。

所有其他財務資產其後按公允價值計入損益計量，惟於初步確認財務資產日期，倘有關股本投資並非持作買賣或收購方在香港財務報告準則第3號「業務合併」適用的業務合併中確認的或然代價，則本集團可不可撤回地選擇在其他全面收入呈列股本投資其後的公允價值變動。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Classification and subsequent measurement of financial assets (Continued)

財務資產的分類及其後計量（續）

A financial asset is held for trading if:

財務資產於下列情況分類為持作買賣：

it has been acquired principally for the purpose of selling in the near term; or
主要為於短期出售而購入；或
on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profittaking; or
於初步確認時，屬本集團共同管理，且最近有實際短期獲利趨勢的已識別金融工具組合其中部分；或
it is a derivative that is not designated and effective as a hedging instrument.
屬衍生工具，但並無指定亦非實際作為對沖工具。

In addition, the Group may irrevocably designate a financial asset that are required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

此外，本集團可不可撤回地將須按攤銷成本或按公允價值計入其他全面收入計量的財務資產指定為按公允價值計入損益計量（倘如此行事可抵銷或大幅減少會計錯配）。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Classification and subsequent measurement of financial assets (Continued)

財務資產的分類及其後計量（續）

(i) Amortised cost and interest income

(i) 攤銷成本及利息收入

Interest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired (see below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit-impaired.

就其後按攤銷成本計量的財務資產而言，利息收入乃使用實際利率法確認。利息收入乃對財務資產的賬面總值應用實際利率計算，惟其後出現信貸減值的財務資產除外（見下文）。就其後出現信貸減值的財務資產而言，利息收入乃自下一報告期間起，對財務資產的攤銷成本應用實際利率確認。倘出現信貸減值的金融工具的信貸風險有所改善，以致財務資產不再出現信貸減值，利息收入則在確定有關資產不再出現信貸減值後，自報告期間開始起對財務資產的賬面總值應用實際利率確認。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Classification and subsequent measurement of financial assets (Continued)

(ii) Equity instruments designated as at FVTOCI

Investments in equity instruments at FVTOCI are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income (“ OCI ”) and accumulated in the FVTOCI reserve; and are not subject to impairment assessment. The cumulative gain or loss will not be reclassified to profit or loss on disposal of the equity investments, and will be transferred to accumulated losses.

Dividends from these investments in equity instruments are recognised in profit or loss when the Group’s right to receive the dividends is established, unless the dividends clearly represent a recovery of part of the cost of the investment. Dividends are included in the “other income” line item in profit or loss.

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

金融工具（續）

財務資產（續）

財務資產的分類及其後計量（續）

(ii) 指定按公允價值計入其他全面收入的股本工具

按公允價值計入其他全面收入的股本工具投資其後按公允價值計量，公允價值變動產生的收益及虧損於其他全面收入（「其他全面收入」）確認，並在按公允價值計入其他全面收入的儲備中累計；無須進行減值評估。累計收益或虧損不會在出售股本投資時重新分類至損益，而會轉撥至累計虧損。

該等股本工具投資的股息乃於本集團收取股息的權利確立時在損益確認，除非有關股息明顯為收回一部分的投資成本。股息在損益中計入「其他收入」項目。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Impairment of financial assets

財務資產之減值

The Group performs impairment assessment under expected credit loss (“ ECL ”) on financial assets (including loan and interest receivables, other receivables, bank balances, restricted bank balances and financial guarantee contracts), which are subject to impairment assessment under HKFRS 9. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

本集團就根據香港財務報告準則第9號須進行減值評估的財務資產（包括應收貸款及利息、其他應收款項、銀行結餘，受限制銀行結餘及財務擔保合約）進行預期信貸虧損（「預期信貸虧損」）下的減值評估。預期信貸虧損金額乃於各報告日期更新，以反映信貸風險自初步確認以來的變動。

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL (“ 12m ECL ”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

全期預期信貸虧損即指於相關工具的預計年期內所有可能違約事件而產生的預期信貸虧損。相對而言，12個月預期信貸虧損（「 12 個月預期信貸虧損」）指於報告日期後12個月內可能發生的違約事件預計產生的部分全期預期信貸虧損。評估乃根據本集團過往信貸虧損記錄，並就債務人特定因素、整體經濟狀況及對於報告日期的現狀及未來狀況預測評估作出調整。

For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless there has been a significant increase in credit risk since initial recognition, in which case the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

就所有其他工具而言，本集團會計量相等於12個月預期信貸虧損的虧損撥備，除非信貸風險自初步確認以來顯著增加，於此情況下，本集團則確認全期預期信貸虧損。評估應否確認全期預期信貸虧損，乃根據自初步確認以來發生違約的可能性或風險是否顯著增加而定。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(i) Significant increase in credit risk
In assessing whether the credit risk has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly:

an actual or expected significant deterioration in the financial instrument’s external (if available) or internal credit rating;
significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor;

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

金融工具（續）

財務資產（續）

財務資產之減值（續）

(i) 信貸風險顯著增加

在評估自初步確認以來信貸風險有否顯著增加時，本集團將於報告日期金融工具發生違約的風險與於初步確認日期金融工具發生違約的風險進行比較。在進行該評估時，本集團會考慮合理且可證實的定量和定性資料，包括無需付出不必要的費用或努力而可得的歷史經驗及前瞻性資料。

特別是，在評估信貸風險是否顯著增加時，會考慮以下資料：

金融工具的外部
（如有）或內部信貸評級的實際或預期顯著惡化；
外部市場信貸風險指標顯著惡化，例如信貸利差大幅增加，債務人的信貸違約掉期價格；

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(i) Significant increase in credit risk (Continued)
existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;
an actual or expected significant deterioration in the operating results of the debtor;
an actual or expected significant adverse change in the regulatory, e c o n o m i c , o r t e c h n o l o g i c a l environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

For financial guarantee contracts, the date that the Group becomes a party to the irrevocable commitment is considered to be the date of initial recognition for the purposes of assessing impairment. In assessing whether there has been a significant increase in the credit risk since initial recognition of financial guarantee contracts, the Group considers the changes in the risk that the specified debtor will default on the contract.

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

金融工具（續）

財務資產（續）

財務資產之減值（續）

(i) 信貸風險顯著增加（續）
預計會導致債務人償還債務能力大減的業務、財務或經濟狀況的現有或預測的不利變化；
債務人經營業績的實際或預期顯著惡化；
導致債務人償還債務能力大減的債務人監管、經濟或技術環境的實際或預期的重大不利變化。

不論上述評估結果如何，本集團假定，當合約付款逾期超過30天，則自初步確認以來信貸風險已顯著增加，除非本集團有合理且可證實的資料提出相反證明。

就財務擔保合約而言，本集團不可撤回成為該承擔的相關方當日，被視為評估減值的首次確認日期。在評估信貸風險在首次確認財務擔保合約後有否顯著上升時，本集團會考慮該特定債務人違約所引起的風險變動。

129

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

(i) Significant increase in credit risk (Continued)

T h e G r o u p r e g u l a r l y m o n i t o r s t h e effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due.

(ii) Definition of default

For internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).

Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

金融工具（續）

財務資產（續）

財務資產之減值（續）

(i) 信貸風險顯著增加（續）

本集團定期監察用以識別信貸風險是否顯著增加的準則的成效，並會在適用情況下加以修訂，以確保有關準則能夠在有關金額逾期前識別信貸風險是否有顯著增加。

(ii) 違約的定義

為進行內部信貸風險管理，當有內部制定或取自外部來源的資料顯示債務人不大可能向其債權人（包括本集團）全數還款（不計及本集團持有的任何抵押品），本集團即認為發生違約事件。

不論上文所述如何，本集團認為，當財務資產逾期超過90天，即已發生違約，除非本集團有合理且可證實的資料證明有更滯後的違約準則更為合適，則作別論。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Impairment of financial assets (Continued)

財務資產之減值（續）

(iii) Credit-impaired financial assets
(iii) 出現信貸減值的財務資產

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is creditimpaired includes observable data about the following events:

當發生對財務資產的估計未來現金流量構成不利影響的一項或多項事件，該財務資產即出現信貸減值。財務資產出現信貸減值的證據包括有關以下事件的可觀察數據：

significant financial difficulty of the issuer or the borrower;
發行人或借款人的重大財務困難；
a breach of contract, such as a default or past due event;
違反合約，如欠付或逾期事件；
the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;
借款人的貸款人基於與借款人財務困難有關的經濟或合約理由，向借款人授出貸款人在其他情況下不會考慮的特許；
it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or
借款人有可能將會破產或進行其他財務重組；或
the disappearance of an active market for that financial asset because of financial difficulties.
該財務資產的活躍市場因財務困難而消失。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Impairment of financial assets (Continued)

財務資產之減值（續）

(iv) Write-off policy

(iv) 撇銷政策

The Group writes-off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over two years past due, whichever occurs sooner. Financial assets written-off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss.

倘有資料顯示交易方陷入嚴重財務困難且無實際可收回的期望（如交易方已進行清盤或進入破產程序），或如屬應收賬款，倘該等款項逾期超過兩年（以較早發生者為準），則本集團撇銷財務資產。經考慮法律意見（如適用）後，已撇銷的財務資產仍可能受制於本集團收回程序下的執法活動。撇銷構成取消確認事件。其後的任何收回均在損益確認。

(v) Measurement and recognition of ECL

(v) 計量及確認預期信貸虧損

The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data and forward-looking information. Estimation of ECL reflects an unbiased and probabilityweighted amount that is determined with the respective risks of default occurring as the weights. The Group uses a practical expedient in estimating ECL on trade receivables using a provision matrix taking into consideration historical credit loss experience, adjusted for forward looking information that is available without undue cost or effort.

預期信貸虧損的計量為違約概率、違約虧損（即違約時虧損大小）及違約時風險敞口的函數。違約概率及違約虧損的評估乃基於歷史數據及前瞻性資料。預期信貸虧損的估計反映無偏頗的概率加權金額，此乃以發生違約的相關風險作為權重而釐定。本集團在估算應收賬款的預期信貸虧損時應用可行權宜方法，根據過往信貸虧損經驗使用撥備矩陣，並根據無需付出不必要的費用或努力而可得的前瞻性資料進行調整。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets (Continued)

3.2 主要會計政策（續）

金融工具（續）

財務資產（續）

財務資產之減值（續）

Impairment of financial assets (Continued)

(v) Measurement and recognition of ECL (Continued)
(v) 計量及確認預期信貸虧損（續）

Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.

一般而言，預期信貸虧損為根據合約應付本集團的所有合約現金流量與本集團預期收取的現金流量之間的差額，按初步確認時釐定的實際利率貼現計算。

For a financial guarantee contract, the Group is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed. Accordingly, the ECL is the present value of the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the Group expects to receive from the holder, the debtor or any other party.

就財務擔保合約而言，本集團僅須在債務人違反所擔保工具條款的情況下付款。因此，預期信貸虧損乃補償持有人就所產生信貸虧損的預期款項的現值，減任何本集團預期從該持有人、債務人或任何其他方所收取的任何金額。

For ECL on financial guarantee contracts for which the effective interest rate cannot be determined, the Group will apply a discount rate that reflects the current market assessment of the time value of money and the risks that are specific to the cash flows but only if, and to the extent that, the risks are taken into account by adjusting the discount rate instead of adjusting the cash shortfalls being discounted.

對於無法釐定實際利率的財務擔保合約的預期信貸虧損，本集團將應用貼現率反映當前市場對貨幣時間價值的評估以及特定於現金流量的風險，但僅在某種程度上，通過調整貼現率而非調整貼現的現金短缺來考慮風險。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial assets (Continued)

3.2 主要會計政策（續）

金融工具（續）

財務資產（續）

財務資產之減值（續）

Impairment of financial assets (Continued)

(v) Measurement and recognition of ECL (Continued)
(v) 計量及確認預期信貸虧損（續）

Lifetime ECL for certain loan and interest receivables and certain other receivables are considered on a collective basis taking into consideration past due information and relevant credit information such as forward looking macroeconomic information.

若干應收貸款及利息以及若干其他應收款項之全期預期信貸虧損根據逾期資料以及相關信貸資料（如前瞻性宏觀經濟資料）按整體基準考慮。

For collective assessment, the Group takes into consideration the following characteristics when formulating the grouping:

就集體評估而言，本集團按以下特徵制定分組：

Past-due status;
逾期狀況；
Nature, size and industry of debtors; and
債務人的性質、規模及行業；及
External credit ratings where available.
外部信貸評級
（如有）。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Impairment of financial assets (Continued)

財務資產之減值（續）

(v) Measurement and recognition of ECL (Continued)
(v) 計量及確認預期信貸虧損（續）

The grouping is regularly reviewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.

管理層定期審閱分組方式，以確保各組別的組成項目維持類似的信貸風險特徵。

Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit-impaired, in which case interest income is calculated based on amortised cost of the financial asset.

利息收入按財務資產的賬面總值計算，惟財務資產出現信貸減值則除外，而在有關情況下，利息收入按財務資產攤銷成本計算。

The Group recognises an impairment gain or loss in profit or loss for all financial instruments by adjusting their carrying amount, with the exception of trade receivables, loan and interest receivables and other receivables where the corresponding adjustment is recognised through a loss allowance account.

本集團透過調整金融工具的賬面值而於損益確認所有金融工具的減值收益或虧損，惟應收賬款、應收貸款及利息以及其他應收款項例外，其透過虧損撥備賬確認相應調整。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Derecognition of financial assets

財務資產取消確認

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

本集團只有當從資產收取現金流量之合約權利屆滿，或當其轉讓財務資產及財務資產擁有權之絕大部分風險及回報予另一實體時取消確認財務資產。倘本集團概無轉讓亦無保留擁有權之絕大部分風險及回報並繼續控制轉讓的資產，則本集團於資產及相關負債（就其可能須支付的金額）中確認其保留權益。倘本集團保留獲轉讓財務資產擁有權的絕大部分風險及回報，本集團會繼續確認財務資產，亦會就已收所得款項確認有附加保證的借貸。

On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

於取消確認按攤銷成本計量的財務資產時，資產賬面值與已收及應收代價的總和的差額，將於損益中確認。

On derecognition of an investment in equity instrument which the Group has elected on initial recognition to measure at FVTOCI, the cumulative gain or loss previously accumulated in the FVTOCI reserve is not reclassified to profit or loss, but is transferred to accumulated losses.

於取消確認本集團於初步確認時已選擇按公允價值計入其他全面收入計量的股本工具投資時，先前在按公允價值計入其他全面收入的儲備累計的累計收益或虧損不會重新分類至損益，而會轉撥至累計虧損。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3.2 Significant accounting policies (Continued)

Financial instruments (Continued)

Financial liabilities and equity

Classification as debt or equity

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

Financial liabilities

All financial liabilities are subsequently measured at amortised cost using effective interest method.

Financial liabilities at amortised cost

Financial liabilities including (trade payables, other payables and accruals, lease liabilities and amount due to a non-controlling interest/a shareholder) are subsequently measured at amortised cost, using the effective interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

3.

綜合財務報表編製基準及主要會計政策（續）

3.2 主要會計政策（續）

金融工具（續）

財務負債及權益

分類為債項或權益

債務及股本工具乃根據合約安排的性質與財務負債及股本工具的定義分類為財務負債或權益。

股本工具

股本工具乃證明實體於扣減其所有負債後的資產中擁有剩餘權益的任何合約。由本公司發行之股本工具以扣減直接發行成本後之已收所得款項確認。

財務負債

所有財務負債其後均採用實際利率法以攤餘成本計量。

按攤銷成本計量之財務負債

財務負債（包括應付賬款、其他應付款項及應計費用、租賃負債及應付非控股權益╱一名股東款項）其後利用實際利率法按攤銷成本計量。

財務負債取消確認

本集團於及僅於本集團的責任獲解除、取消或屆滿時取消確認財務負債。被取消確認財務負債賬面值與已付及應付代價間的差額於損益內確認。

137

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Impairment loss on property, plant and equipment, right-of-use assets and contract costs

物業、廠房及設備、使用權資產及合約成本之減值虧損

At the end of the reporting period, the Group reviews the carrying amounts of its property, plant and equipment, right-of-use assets and contract costs to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the extent of the impairment loss, if any.

本集團於報告期末審閱其物業、廠房及設備、使用權資產及合約成本的賬面值，衡量是否有跡象顯示該等資產已出現減值虧損。倘出現任何該等跡象，則會估計相關資產的可收回金額，以釐定減值虧損（如有）之程度。

The recoverable amount of property, plant and equipment, right-of-use assets and contract costs are estimated individually. When it is not possible to estimate the recoverable amount individually, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

物業、廠房及設備、使用權資產及合約成本之可收回金額個別進行估算，倘不能估計個別可收回金額時，本集團則估計該資產所屬之現金產生單位之可收回金額。

In testing a cash-generating unit for impairment, corporate assets are allocated to the relevant cash-generating unit when a reasonable and consistent basis of allocation can be established, or otherwise they are allocated to the smallest group of cash generating units for which a reasonable and consistent allocation basis can be established. The recoverable amount is determined for the cash-generating unit or group of cash-generating units to which the corporate asset belongs, and is compared with the carrying amount of the relevant cash-generating unit or group of cash-generating units.

在測試現金產生單位是否發生減值時，倘可確定合理一致的分配基準，則公司資產分配到相關現金產生單位，否則分配至可確定合理一致分配基準的現金產生單位最小組別。可收回金額按公司資產所屬的現金產生單位或現金產生單位組別釐定，並與相關現金產生單位或現金產生單位組別的賬面值進行比較。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Impairment loss on property, plant and equipment, right-of-use assets and contract costs (Continued)

物業、廠房及設備、使用權資產及合約成本之減值虧損（續）

Before the Group recognises an impairment loss for assets capitalised as contract costs under HKFRS 15, the Group assesses and recognises any impairment loss on other assets related to the relevant contracts in accordance with applicable standards. Then, impairment loss, if any, for assets capitalised as contract costs is recognised to the extent the carrying amounts exceeds the remaining amount of consideration that the Group expects to receive in exchange for related goods or services less the costs which relate directly to providing those goods or services that have not been recognised as expenses. The assets capitalised as contract costs are then included in the carrying amount of the cash-generating unit to which they belong for the purpose of evaluating impairment of that cash-generating unit.

在本集團根據香港財務報告準則第15號將資本化資產減值虧損確認為合約成本前，本集團按適用準則評估和確認任何與相關合約有關的其他資產減值虧損。屆時，倘賬面值超過本集團預期收取以換取相關貨品或服務的代價餘額減與提供該等貨品或服務直接相關的成本（未確認為開支），則就作為合約成本的資本化資產確認減值虧損（如有）。作為合約成本的資本化資產屆時就評估相關現金產生單位減值，而計入彼等所屬的現金產生單位的賬面值。

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.

可收回金額為公允價值減銷售成本及使用價值之較高者。於評估使用價值時，估計日後現金流量乃採用稅前貼現率貼現至其現值，以反映貨幣時間價值之現行市場評估及尚未就未來現金流量之估計作出調整之資產（或現金產生單位）之特有風險。

139

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Impairment loss on property, plant and equipment, right-of-use assets and contract costs (Continued)

物業、廠房及設備、使用權資產及合約成本之減值虧損（續）

If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. For corporate assets or portion of corporate assets which cannot be allocated on a reasonable and consistent basis to a cash-generating unit, the Group compares the carrying amount of a group of cash-generating units, including the carrying amounts of the corporate assets or portion of corporate assets allocated to that group of cash-generating units, with the recoverable amount of the group of cashgenerating units. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit or the group of cash-generating units. The carrying amount of an asset is not reduced below the highest of its fair value less costs of disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit or the group of cash-generating units. An impairment loss is recognised immediately in profit or loss.

倘資產（或現金產生單位）之可收回金額估計低於其賬面值，則該資產（或現金產生單位）之賬面值應扣減至其可收回金額。對於不能按合理一致基準分配至現金產生單位的公司資產或部分公司資產，本集團比較現金產生單位的組別之賬面值，包括分配到該現金產生單位的組別之公司資產或部分公司資產的賬面值，連同現金產生單位的組別之可收回金額。於分配減值虧損時，首先分配減值虧損以減少任何商譽的賬面值（如適用），然後按比例根據該單位（或現金產生單位的組別）各資產的賬面值分配至其他資產。資產賬面值不得減少至低於其公允價值減出售成本（如可計量）、其使用價值（如可計量）及零之中的最高值。已另行分配至資產之減值虧損數額按比例分配至該單位（或現金產生單位的組別）其他資產。減值虧損隨即於損益確認。

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Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 綜合財務報表編製基準及主要會計政策（續）

3.2 Significant accounting policies (Continued)

3.2 主要會計政策（續）

Impairment loss on property, plant and equipment, right-of-use assets and contract costs (Continued)

物業、廠房及設備、使用權資產及合約成本之減值虧損（續）

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating units or a group of cash-generating units) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash generating units or a group of cash-generating units) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

倘減值虧損其後撥回，該項資產（或現金產生單位或現金產生單位的組別）之賬面值將增加至其經修訂之估計可收回金額，惟增加後之賬面值不得超過倘若該資產（或現金產生單位或現金產生單位的組別）於過往年度並無確認減值虧損所釐定之賬面值。減值虧損之撥回隨即於損益確認。

Provisions

撥備

Provisions are recognised when the Group has a present obligation (legal and constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

倘本集團現時須就過往事件承擔責任（法定及推定），而本集團很可能將須清償該責任，且責任金額可被可靠估計，則會確認撥備。

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

已確認撥備之金額乃為經考慮責任所附帶的風險及不確定因素後，於報告期末為抵償該當前責任而須承擔代價的最佳估計。倘撥備乃使用抵償該當前責任的估計現金流量計量，則其賬面值為該等現金流量的現值（倘資金時間價值的影響重大）。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

4. 重大會計判斷及估計不確定性的主要來源

In the application of the Group’s accounting policies, which are described in Note 3, the Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

於應用本集團之會計政策（如附註3所述）時，董事須就未於其他來源明確顯示之資產及負債賬面值作出判斷、估計及假設。有關估計及相關假設乃根據過往經驗及其他視為相關之因素作出。實際情況可能有別於該等估計。

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors have not come across any significant areas where critical judgement are involved in applying the Group’s accounting policies.

有關估計及相關假設將按持續基準審閱。倘就會計估計作出修訂僅影響修訂估計期間，則會計估計修訂於該期間確認，或倘有關修訂將影響即期及未來期間，則於修訂期間及未來期間確認。董事在應用本集團會計政策時未遇到涉及重大判斷的任何重大領域。

Key sources of estimation uncertainty

估計不確定性的主要來源

The followings are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

以下為就日後作出之主要假設以及於報告期末估計不確定性的其他主要來源，有關假設及估計不確定性或構成下一財政年度資產及負債賬面值須作出重大調整之主要風險。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

4. 重大會計判斷及估計不確定性的主要來源（續）

Estimated impairment loss of property, plant and

equipment and right-of-use assets

物業、廠房及設備及使用權資產減值虧損估計

Property, plant and equipment and right-of-use assets are stated at costs less accumulated depreciation and impairment, if any. In determining whether an asset is impaired, the Group has to exercise judgement and make estimation, particularly in assessing: (1) whether an event has occurred or any indicators that may affect the asset value; (2) whether the carrying value of an asset can be supported by the recoverable amount, in the case of value in use, the net present value of future cash flows which are estimated based upon the continued use of the asset; and (3) the appropriate key assumptions to be applied in estimating the recoverable amounts including cash flow projections and an appropriate discount rate. Changes the assumptions and estimates, including discount rate could materially affect the recoverable amounts.

物業、廠房及設備及使用權資產乃按成本減累計折舊及減值（如有）列賬。於釐定資產是否出現減值時，本集團須行使判斷及作出估計，尤其是評估：(1)是否發生事件或出現任何跡象而可能影響資產價值；(2)可收回金額（如為使用價值，則為按持續使用資產估計的未來現金流量的淨現值）是否支持資產賬面值；及(3)用於估計可收回金額的適當關鍵假設，包括現金流量預測和適當的折現率。假設和估計（包括折現率）變動，會對可回收金額產生重大影響。

As at 31 December 2020, the carrying amounts of property, plant and equipment and right-of-use assets subject to impairment assessment were approximately RMB12,201,000 and RMB14,631,000 respectively, after taking into account the impairment losses of approximately RMB36,380,000 and nil in respect of property, plant and equipment and right-of-use assets that have been recognised respectively. Details of the impairment assessment of property, plant and equipment and right-ofuse assets are disclosed in Notes 18 and 19 respectively.

於2020年12月31日，進行減值估計的物業、廠房及設備以及使用權資產的賬面金額分別為約人民幣12,201,000 元及人民幣 14,631,000 元，其中計及已分別確認的物業、廠房及設備以及使用權資產減值虧損為約人民幣 36,380,000元及人民幣零元。使用物業、廠房及設備及權資產減值評估的詳情分別於附註18及19中披露。

Estimated impairment loss on deposit paid for

acquisition of the Properties I

就收購物業 I 所支付訂金的估計減值虧損

The impairment loss on deposit paid for acquisition of the Properties I was based on the assessment of the recoverable amount of such deposit, which requires an estimation of the fair value of the Properties I at the date of the acquisition. The assumptions include management’s estimation on the market unit rate. Changes to the assumptions would result in changes in the fair values of the Properties I. Details of the impairment of the deposit paid for acquisition of the Properties I are disclosed in Note 24(a).

就收購物業I所支付訂金的估計減值虧損乃根據該訂金可收回金額進行評估，需要對於收購日期的物業I公允價值作出估計。假設包括管理層對市場單價作出估計。該等假設的變動將導致物業I的公允價值變動。收購物業I所支付訂金之減值的詳情於附註24(a)中披露。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

4. 重大會計判斷及估計不確定性的主要來源（續）

Key sources of estimation uncertainty (Continued)

估計不確定性的主要來源（續）

Fair value measurement of financial instruments

金融工具的公允價值計量

As at 31 December 2020, the Group’s unlisted equity instruments, amounting to RMB34,883,000 (2019: RMB52,743,000) are measured at fair value with fair value being determined based on significant unobserved inputs using valuation techniques. Judgement and estimation are required in establishing the relevant valuation techniques and the relevant inputs thereof. Changes in assumptions relating to these factors could result in material adjustments to fair value of these instruments. See Note 6(c) for further disclosures.

於2020年12月31日，本集團非上市股本工具人民幣34,883,000元（2019 年：人民幣52,743,000元）按公允價值計量。公允價值乃使用估值技術根據重大不可觀察輸入數據釐定。於確定相關估值技術及其相關輸入數據時需要作出判斷及估計。與該等因素有關的假設變化可導致對該等工具的公允價值作出重大調整。更多披露詳情，。請參閱附註6(c)

Fair value of investment properties

投資物業的公允價值

Investment properties are stated at fair value based on the valuation performed by independent professional valuers. The determination of the fair value involves certain assumptions of market conditions which are set out in Note 20.

投資物業乃根據獨立專業估值師進行的估值按公允價值列賬。公允價值之釐定涉及載於附註20的若干市況假設。

In relying on the valuation report, the Directors have exercised their judgement and are satisfied that the method of valuation is reflective of the current market conditions. In light of the negative impact of the Covid-19 pandemic, the independent valuers included uncertainty clauses in the valuation reports in respect of investment properties located in PRC amounted to RMB157,300,000 as at 31 December 2020. Whilst the Group considers valuations of the Group’s investment properties are the best estimates, the ongoing Covid–19 pandemic has resulted in greater market volatility depending on how the Covid-19 pandemic may progress and evolve, which have led to higher degree of uncertainties in respect of the valuations in the current year. Changes to these assumptions, including the potential risk of any market violation, policy, geopolitical and social changes or other unexpected incidents as a result of change in macroeconomic environment, travel restrictions implemented by many countries, increased complexity in international trade tensions geopolitics, changes in policy direction and/or mortgage requirements, or other unexpected incidents would result in changes in the fair values of the Group’s investment properties and the corresponding adjustments to the amount of gain or loss reported in the consolidated statement of profit or loss and other comprehensive income.

於依賴估值報告時，董事已行使其判斷並且信納估值方法已反映現時市況。鑑於2019冠狀病毒病疫情的負面影響，獨立估值師在估值報告中就位於中國且於2020年12月31日價值為人民幣 157,300,000 元的投資物業加入不確定條款。儘管本集團認為本集團投資物業的估值為最佳估計，但由於 2019冠狀病毒病疫情持續，導致市場波動性較大，本年度估值存在較高的不確定性，具體取決於2019冠狀病毒病疫情如何發展及演變。該等假設的變動，包括宏觀經濟環境的變化、多國實施的出行限制、國際貿易地緣政治緊張局勢的複雜性增加、政策方向及╱或抵押要求的變化或其他突發事件導致的任何市場違規、政策、地緣政治和社會變化或其他突發事件的潛在風險，都將導致本集團投資物業的公允價值發生變動，並對綜合損益表和其他全面收益表中報告的損益金額進行相應調整。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

4. 重大會計判斷及估計不確定性的主要來源（續）

Key sources of estimation uncertainty (Continued)

估計不確定性的主要來源（續）

Fair value of investment properties (Continued)

投資物業的公允價值（續）

The Directors have performed internal assessment on the risks of change in macroeconomic environment through performing sensitivity analysis in relation to the Group’s investment properties.

董事已透過對本集團投資物業進行敏感度分析，對宏觀經濟環境變化的風險進行內部評估。

As at 31 December 2020, the carrying amount of the Group’s investment properties is RMB157,300,000 (2019: RMB19,400,000).

於2020年12月31日，本集團投資物業的賬面值為人民幣 157,300,000 元（2019年：人民幣19,400,000元）。

Provision of ECL for other receivables

其他應收款項的預期信貸虧損撥備

Other receivables with significant balances are assessed for ECL individually. The provision rate are based on internal credit ratings and taking into consideration forwardlooking information that is reasonable and supportable available without undue costs or effort. At every reporting date, changes in the forward-looking information are considered.

有重大結餘的其他應收款項單獨評估預期信貸虧損。撥備率乃根據本集團的內部信貸評級，並計及有理據且無需付出不必要的費用或努力而可得的前瞻性資料釐定。於每個報告日期，考慮前瞻性資料的變更。

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Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

4. 重大會計判斷及估計不確定性的主要來源（續）

Key sources of estimation uncertainty (Continued)

就收購物業所支付訂金的估計減值虧損（續）

Provision of ECL for other receivables (Continued)

其他應收款的預期信貸虧損撥備（續）

The provision of ECL is sensitive to changes in estimates. Due to greater financial uncertainty triggered by the Covid-19 pandemic, the Group has increased the expected loss rates in the current year as there is higher risk that a prolonged pandemic could led to increased credit default rates. The information about the ECL and the Group’s other receivables are disclosed in Notes 6(b) and 27.

預期信貸虧損撥備對估計變動尤為敏感。由於2019冠狀病毒病疫情引發的財務不確定性較大，長期疫情可能導致信貸違約率上升的風險較高，本集團調高了本年度的預期虧損率。有關預期信貸虧損及本集團其他應收款的資料於附註6(b)及27中披露。

Income taxes

所得稅

The Group is subject to income taxes in the PRC and Hong Kong. However, the implementation of the tax various amongst different tax jurisdictions in various cities of the PRC. There are many transactions and calculation for which the ultimate tax determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the year in which such determination is made.

本集團在中國及香港須繳付所得稅。然而，有關稅項的執行於中國不同城市的不同稅務司法權區各不相同。日常業務過程中有多項交易和計算未能確定最終稅項。倘該等事宜之最終稅務結果與起初入賬的金額不同，有關差額將會影響釐定年內的所得稅及遞延稅項撥備。

No deferred tax asset has been recognised on the tax losses of approximately RMB43,321,000 (2019: RMB19,621,000) due to the unpredictability of future profit streams. The realisability of the deferred tax asset mainly depends on whether sufficient future profits or taxable temporary differences will be available in the future, which is a key source of estimation uncertainty especially in the current year given the significant uncertainty on the potential disruption of Group’s property investment operation due to the Covid-19 pandemic. In cases where the actual future taxable profits generated are less or more than expected, or change in facts and circumstances which result in revision of future taxable profits estimation, a material reversal or further recognition of deferred tax assets may arise, which would be recognised in profit or loss for the period in which such a reversal or further recognition takes place.

由於未來溢利難以預測，故並無就稅項虧損約人民幣43,321,000元（2019 年：人民幣 19,621,000 元）確認遞延稅項資產。變現遞延稅項資產主要視乎是否有足夠未來溢利或將來可供利用的應課稅臨時差額而定，而鑒於與 Covid-19疫情可能令本集團物業投資業務中斷有關的重大不確定性，其於本年度更加是估計不確定因素的主要來源。倘錄得的實際未來應課稅溢利低於或高於預測，或事實及情況變動導致未來應課稅溢利估計變動，可能產生遞延稅項資產的重大回撥或進一步確認，其將於該撥回或進一步確認發生的期間於損益中確認。

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Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

5. CAPITAL RISK MANAGEMENT

5 資本風險管理

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchanged from prior year.

本集團管理旗下資本以確保本集團之實體能夠持續經營，並透過優化債務及權益結餘為股東帶來最大回報。本集團整體策略與去年相同。

The capital structure of the Group consists of net debt, which includes lease liabilities, amount due to a non-controlling interest/a shareholder, net of cash and bank balances and equity attributable to owners of the Company, comprising issued share capital, reserves and accumulated losses.

本集團之資本結構包括淨債項，包括租賃負債、應付非控股權益╱一名股東款項，扣除現金及銀行結餘及本公司擁有人應佔權益的淨額，當中包括已發行股本、儲備及累計虧損。

The Directors review the capital structure on a regular basis. As part of this review, the Directors consider the cost of capital and the risks associated with each class of capital. Based on the recommendations of the Directors, the Group will balance its overall capital structure through the payment of dividends, new share issues as well as the issue of new debt or the redemption of existing debt.

董事定期審閱資本結構。作為審閱的一部分，董事考慮資本成本及與各類資本相關的風險。根據董事之建議，本集團將透過派付股息、新股發行及發行新債或贖回現有債項來平衡其整體資本結構。

6. FINANCIAL INSTRUMENTS

6. 金融工具

a. Categories of financial instruments

a. 金融工具的類別

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Financial assets 財務資產
Equity instruments at FVTOCI 按公允價值計入其他全面
收入的股本工具 34,883 52,743
按攤銷成本計量的財務
Financial assets at amortised cost 資產 242,338 177,506
Financial liabilities 財務負債
Amortised cost 攤銷成本 154,965 99,019
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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies

b. 財務風險管理目標及政策

The Group’s major financial instruments include equity instruments at FVTOCI, loan and interest receivables, deposits and other receivables, amount due to a non-controlling interest/a shareholder, bank balances and cash, restricted bank balances, trade payables, other payables and accruals and lease liabilities. Details of the financial instruments are disclosed in respective notes. The risks associated with these financial instruments include market risk (currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The policies on how to mitigate these risks are set out below. The management of the Group manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

本集團的主要金融工具包括按公允價值計入其他全面收入的股本工具、應收貸款及利息、訂金及其他應收款、應付非控股權益╱一名股東款項、銀行結餘及現金、受限制銀行結餘、應付賬款、其他應付款項及應計費用及租賃負債。金融工具詳情於各附註披露。與該等金融工具有關的風險包括市場風險（貨幣風險、利率風險及其他價格風險）、信貸風險及流動資金風險。下文載列如何降低該等風險的政策。本集團管理層管理及監控該等風險，以確保及時和有效地採取適當的措施。

Market risk

市場風險

(i) Currency risk

(i) 貨幣風險

The Company and its subsidiaries have intragroup balances with other group entities denominated in foreign currency which also expose the Group to foreign currency risk.

本公司及其附屬公司有與其他集團實體以外匯計值的集團內公司間結餘，亦令本集團承受外匯風險。

The carrying amount of the intra-group balances that are denominated in currencies other than the functional currencies of the relevant group entities at the end of the reporting period are as follows:

於報告期末以相關集團實體功能貨幣以外貨幣計值的集團內公司間結餘的賬面值如下：

==> picture [376 x 121] intentionally omitted <==

----- Start of picture text -----

Liabilities
負債
2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Intra-group balances 集團內公司間結餘
HK$ 港元 331,453 308,932
RMB 人民幣 335,127 353,520
----- End of picture text -----

148

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk (Continued)

市場風險（續）

(i) Currency risk (Continued)

(i) 貨幣風險（續）

Sensitivity analysis

敏感度分析

The Company is mainly exposed to the currency of HK$.

本公司主要面臨港元貨幣風險。

The following table details the Group’s sensitivity to a 5% (2019: 5%) increase and decrease in RMB against 5% (2019: 5%) is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes intra-group balances where the denomination of the intra-group balance is in a currency other than the functional currency of the lender or the borrower. A positive number below indicates a decrease in post-tax loss for the year and a negative number indicates an increase in post-tax loss the year if RMB appreciate 5% against the foreign currency. There would be an equal and opposite impact on post-tax loss for the year if RMB depreciates 5% against HK$.

下表詳列本集團就人民幣兌港元可能升值及貶值 5%（ 2019 年： 5% ）之敏感度分析。所用敏感度比率5%（2019年： 5% ）為向主要管理人員內部匯報外匯風險之比率，並代表管理層對匯率合理可能變動之評估。敏感度分析包括集團內公司間結餘（該集團內公司間結餘以貸款人或借款人功能貨幣以外貨幣計值）。倘人民幣兌外幣升值 5% ，以下正數顯示年內除稅後虧損減少，而負數顯示年內除稅後虧損增加。倘人民幣兌港元貶值 5% ，則對年內除稅後虧損有相同及相反之影響。

==> picture [376 x 78] intentionally omitted <==

----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
HK$ 港元 16,573 15,447
RMB 人民幣 (16,756) (17,676)
----- End of picture text -----

149

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk (Continued)

市場風險（續）

(ii) Interest rate risk

(ii) 利率風險

The Group is exposed to fair value interest rate risk in relation to lease liabilities and fixed-rate loan and interest receivables and fixed-rate other receivables.

本集團承擔與租賃負債及應收定息貸款及利息以及其他定息應收款項有關的公允價值利率風險。

The Group is exposed to cash flow interest rate risk in relation to variable-rate bank balances as detailed in Note 29 respectively.

本集團承擔之現金流量利率風險與附註29詳述的浮動利率銀行結餘有關。

The Group currently does not have any interest rate hedging policy. However, the management monitors interest exposure and will consider hedging significant interest rate exposure should the need arise.

本集團目前並無任何利率對沖政策。然而，管理層監察利息風險並將於有需要時考慮對沖重大利率風險。

The Group’s exposures to interest rates risk on financial liabilities are detailed in the liquidity risk management section of this note.

本集團對財務負債的利率風險詳載於本附註流動資金風險管理內。

Bank balances are excluded from sensitive analysis as the Directors consider that the exposure of cash flow interest rate risk arising from them is insignificant.

由於董事認為因銀行結餘產生的現金流量利率風險不大，故沒有包括銀行結餘及受限制銀行結餘於敏感度分析中。

150

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk (Continued)

市場風險（續）

(iii) Other price risk

(iii) 其他價格風險

The Group is exposed to equity price risk through its investments in equity securities measured at FVTOCI. The Group invested in unquoted equity securities for investees operating in bank industry sector for long term strategic purposes which had been designated as FVTOCI. Price risk was monitored by the management of the Group and will consider hedging the risk exposure should the need arise.

本集團就其按公允價值計入其他全面收入計量的股本證券投資面對股價風險。本集團因應長期策略而投資於在銀行業經營的被投資者的未上市股本證券，指定其按公允價值計入其他全面收入。本集團管理層監察價格風險並將於有需要時考慮對沖此風險。

Sensitivity analysis

敏感度分析

Sensitivity analyses for unquoted equity securities with fair value measurement categorised within Level 3 were disclosed in Note 6(c).

有關公允價值計量分類為第三級的未上市股本證券的敏感度分析於附註6(c)披露。

Credit risk and impairment assessment

信貸風險及減值評估

Credit risk refers to the risk that the Group’s counterparties default on their contractual obligations resulting in financial losses to the Group. The Group’s credit risk exposure are primarily attributable to deposits and other receivables, loan and interest receivables, bank balances and restricted bank balances. The Group does not hold any collateral or other credit enhancements to cover its credit risk associated with its financial assets.

信貸風險指本集團的交易方違反其合約責任而導致本集團財務虧損之風險。本集團的信貸風險主要來自訂金及其他應收款項、應收貸款及利息、銀行結餘及受限制銀行結餘。本集團並無持有任何抵押品或其他信貸升級以應付其與財務資產相關的信貸風險。

151

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

The Group performed impairment assessment for financial assets under ECL model. The Group considers whether there has been a significant increase in credit risk of financial assets on an ongoing basis throughout each reporting period by comparing the risk of a default occurring as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following information is used:

本集團對預期信貸虧損模式下的財務資產進行減值評估。本集團比較金融資產於報告日期的違約風險與於初始確認日期的違約風險，以評估金融資產的信貸風險有否於各報告期內按持續基準大幅增加。其會考慮可用的合理可靠前瞻性資料。尤其使用下列資料：

internal credit rating;
內部信貸評級；
external credit rating;
外部信貸評級；
actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability to meet its obligations;
預期將導致借款人履行其責任的能力有重大變動的業務、財務或經濟狀況的實際或預期重大不利變動；
actual or expected significant changes in the operating results of the borrower;
借款人經營業績之實際或預期重大變動；
significant increases in credit risk on other financial instruments of the same borrower; and
同一債務人發行的其他金融工具的信貸風險是否顯著增加；及
significant changes in the expected performance and behaviour of the borrower, including changes in the payment status of borrowers.
借款人預期表現及行為的重大變動，包括借款人之付款狀況變動。

152

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

Information about the Group’s credit risk management, maximum credit risk exposures and the related impairment assessment, if applicable, are summarised as below:

有關本集團信貸風險管理、最高信貸風險敞口及相關減值評估（如適用）資料概述如下：

Loan and interest receivables

應收貸款及利息

The Group’s management manages and analyses the credit risk for each of their new and existing customers before standard payment terms and conditions are offered. The management assesses the credit quality of each customer based on customer’s background information, financial position, past experience and relevant factors. The Group also reviews from time to time the financial position of the customers.

本集團管理層管理及分析於提出標準付款條款及條件之前各新客戶及現有客戶的信貸風險。管理層根據客戶的背景資料、財務狀況、過往經驗及相關因素評估每名客戶的信貸質素。本集團亦不時審閱客戶的財務狀況。

As at 31 December 2020, the probability of default applied 100% (2019: 17.57%) and the loss given default was estimated 78% (2019: 61.65%).

於 2020 年 12 月 31 日，應用的違約概率為 100%（ 2019 年： 17.57%），而違約損失率估計為78%（2019年：61.65%）。

Reversal of impairment loss of approximately RMB Nil and impairment loss of approximately RMB10,159,000 (2019: reversal of impairment loss of approximately RMB6,972,000 and impairment loss of approximately RMB13,095,000) were recognised during the year. Details of the quantitative disclosures are set out below in this note.

年內確認減值虧損撥回約人民幣零元及減值虧損約人民幣 10,159,000 元（ 2019 年：減值虧損撥回約人民幣 6,972,000 元及減值虧損約人民幣 13,095,000元）。有關量化披露的詳情載於本附註下文。

As at 31 December 2020, the Group’s has concentration of credit risk of 50.3% and 49.7% of loan and interest receivables were due from two debtors respectively in the credit business (2019: 50.3% and 49.7%).

於2020年12月31日，本集團應收貸款及利息的信貸集中風險為的50.3%及49.7%（2019年： 50.3%及49.7%）來自信貸業務的兩名債務人。

153

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

b. Financial risk management objectives and policies (Continued)

Credit risk and impairment assessment (Continued)

Restricted bank balances and bank balances

Credit risk on restricted bank balances and bank balances are limited because the counterparties are reputable banks with high credit ratings assigned by international credit-rating agencies. The Group assessed 12m ECL for restricted bank balances and bank balances by reference to information relating to probability of default and loss given default of the respective credit rating grades published by external credit rating agencies. Based on the average loss rates, the 12m ECL on restricted bank balances and bank balances is considered to be insignificant and therefore no loss allowance was recognised.

Other receivables

The Directors make periodic individual assessment on the recoverability of other receivable based on historical settlement records, past experience, and also quantitative and qualitative information that is reasonable and supportive forward-looking information. For those other receivables that the Directors believe that there is no significant increase in credit risk of these amounts since initial recognition and the Group provided impairment based on 12m ECL. For those other receivables that are past due or there is significant increase in credit risk since initial recognition, the Directors provide impairment based on lifetime ECL.

As at 31 December 2020, the probability of default applied ranging from 1.96% to 100% (2019: 1.87% to 100%) and the loss given default was estimated ranging from 62.08% to 100% (2019: 61.64% to 61.87%).

Reversal of impairment loss of approximately RMB469,000 and impairment loss of approximately RMB10,989,000 (2019: reversal of impairment loss of approximately RMB Nil and impairment loss of approximately RMB71,491,000) were recognised during the year. Details of the quantitative disclosures are set out below in this note.

6. 金融工具（續）

b. 財務風險管理目標及政策（續）

信貸風險及減值評估（續）

受限制銀行結餘及銀行結餘

由於交易方為獲國際信貸評級機構給予高信貸評級之有信譽銀行，故受限制銀行結餘及銀行結餘的信貸風險有限。本集團參考有關外部信貸評級機構所發佈各信貸評級的違約概率及違約損失率的資料就受限制銀行結餘及銀行結餘評估12個月預期信貸虧損。基於平均虧損率，受限制銀行結餘及銀行結餘的12個月預期信貸虧損被視為不大且因此未確認虧損撥備。

其他應收款項

董事根據歷史抵償記錄、過往經驗以及合理且可證實的前瞻性定量及定性資料，對其他應收款項的可收回程度作出定期個別評估。就該等其他應收款而言，董事認為，自初步確認以來該等金額的信貸風險並無顯著增加，及本集團根據 12 個月預期信貸虧損作出減值撥備。對於已逾期或自首次確認以來信貸風險顯著上升的該等其他應收款，董事根據全期預期信貸虧損作出減值撥備。

於 2020 年 12 月 31 日，應用的違約概率介於 1.96% 至 100% （2019年：1.87%至100%），而違約損失率估計為 62.08% 至100%（2019年：61.64%至 61.87%）。

年內確認撥回減值虧損約人民幣 469,000 元及減值虧損約人民幣 10,989,000 元（ 2019 年：撥回減值虧損約人民幣零元及減值虧損約人民幣71,491,000 元 )。有關量化披露的詳情載於本下文附註。

154

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

The Group’s internal credit risk grading assessment comprises the follow categories:

本集團的內部信貸風險級別評估包括以下類別：

==> picture [404 x 46] intentionally omitted <==

----- Start of picture text -----

Internal Trade Other
credit rating Description receivables financial assets
內部信貸評級描述應收賬款其他財務資產
----- End of picture text -----

Low risk	The counterparty has a low risk of default and does	Lifetime ECL	12m ECL
	not have any past-due amounts	– not credit-impaired
低風險	交易方的違約風險低且並無任何逾期款項	全期預期信貸虧損－無	12個月預期信貸虧損
		信貸減值
Watch list	Debtor frequently repays after due dates but	Lifetime ECL	12m ECL
	usually settle in full	– not credit-impaired
觀察名單	債務人經常於到期日後還款但通常	全期預期信貸虧損－無	12個月預期信貸虧損
	悉數償付	信貸減值
Doubtful	There have been significant increases in credit risk	Lifetime ECL	Lifetime ECL
	since initial recognition through information	– not credit-impaired	– not credit-impaired
	developed internally or external resources
可疑	信貸風險自初步確認以來顯著增加	全期預期信貸虧損－無	全期預期信貸虧損－無
	（透過內部或外部資源獲得的資料）	信貸減值	信貸減值
Loss	There is evidence indicating the asset is credit impaired	Lifetime ECL – credit-impaired	Lifetime ECL
			– credit-impaired
虧損	有證據顯示資產出現信貸減值	全期預期信貸虧損－出現	全期預期信貸虧損－出現
		信貸減值	信貸減值
Write-off	There is evidence that the debtor is in severe financial	Amount is written off	Amount is written off
	difficulty and the Group has no realistic prospect
	of recovery
撇銷	有證據顯示債務人陷入嚴重財困且本集團不認為日後	撇銷有關金額	撇銷有關金額
	可收回有關款項

155

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)
b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

The table below details the credit risk exposures of the Group’s financial assets, which are subject to ECL assessment:

下表詳述本集團財務資產須進行預期信貸虧損評估的信貸風險敞口：

==> picture [404 x 100] intentionally omitted <==

----- Start of picture text -----

External Internal
credit credit 12-month or 2020 2019
rating rating lifetime ECL Gross carrying amount Gross carrying amount
外部信貸內部信貸 12 個月或全期 2020 年 2019年
評級評級預期信貸虧損賬面總值賬面總值
Note RMB’000 RMB’000 RMB’000 RMB’000
附註人民幣千元人民幣千元人民幣千元人民幣千元
----- End of picture text -----

Financial assets at
amortised costs
按攤銷成本計量的財務資產
Bank balances
29
Baa2-A1
N/A
12m ECL
銀行結餘
不適用
12個月預期信貸虧損
Restricted bank balances
28
A1
N/A
12m ECL
受限制銀行結餘
不適用
12個月預期信貸虧損
Deposits and other receivables
27
N/A
(Note a)
12m ECL
存款及其他應收款項
不適用
（附註a）
12個月預期信貸虧損
Lifetime ECL (not
credit-impaired)
全期預期信貸虧損
（無信貸減值）
Credit impaired
出現信貸減值
Loan and interest receivables
26
N/A
Doubtful
Lifetime ECL (not
credit-impaired)
應收貸款及利息
不適用
可疑
全期預期信貸虧損
（無信貸虧損）
Loss
Credit-impaired
虧損
出現信貸減值

2,182
7,477
75,826
80,542
14,278
22,663
160,950
10,950
70,160
245,388
113,000
146,613
–
16,080
–
–
15,732
31,812

156

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

Note:

(a) For the purpose of internal credit risk management, the Group uses past due information to assess whether credit risk has increased significantly since initial recognition.

附註：

(a) 就內部信貸風險管理而言，本集團利用逾期資料來評估信貸風險自初步確認以來是否顯著增加。

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Not past
due/no fixed
repayment
Past due terms Total
並無逾期╱
逾期無固定還款期總計
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
2020 2020 年
Other receivables 其他應收款項 231,110 14,083 245,193
2019 2019年
Other receivables 其他應收款項 113,000 33,480 146,480
The following tables show reconciliation of loss allowances 下表載列已就其他應收款項確認的虧
that has been recognised for other receivables: 損撥備對賬：
Lifetime ECL Lifetime ECL
(not credit (credit
12m ECL impaired) impaired) Total
12個月全期預期全期預期
預期信貸信貸虧損信貸虧損
虧損（無信貸減值）（出現信貸減值）總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2019 於2019年1月1日 124 – – 124
Change due to financial instruments 因於2019年1月1日
recognised as at 確認金融工具的變動：
1 January 2019:
– Impairment losses recognised －已確認減值虧損 49 – – 49
New financial asset originated 所發起的新財務資產 845 684 69,913 71,442
At 31 December 2019 於2019年12月31日 1,018 684 69,913 71,615
Change due to financial instruments 因於2020年1月1日
recognised as at 確認金融工具的變動：
1 January 2020:
– Tr ansfer to lifetime ECL －撥至全期預期信貸虧損
(not credit impaired) （無信貸減值） (356) 356 – –
– Re classified as assets classified －重新分類為持作銷售
as held for sale 資產 – (372) – (372)
– Impairment losses recognised －已確認減值虧損 520 234 247 1,001
– Impairment losses reversed －已撥回減值虧損 (469) – – (469)
New financial asset originated 所發起的新財務資產 – 9,988 – 9,988
Disposal of a subsidiary 出售一間附屬公司 (520) – – (520)
Exchange adjustments 匯兌調整 (24) – – (24)
At 31 December 2020 於 2020 年 12 月 31 日 169 10,890 70,160 81,219
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157

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

Note: (Continued)

Changes in the loss allowances for other receivables are mainly due to:

附註：（續）

其他應收款項虧損撥備的變動主要由於以下各項所致：

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2020
Increase (decrease) in
Lifetime ECL
全期預期信貸虧損增加（減少）
(Decrease)
increase Not credit- Credit-
in 12m ECL impaired impaired
12 個月預期
信貸虧損
（減少）增加無信貸減值出現信貸減值
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
Financial assets originated 所發起的財務資產 – 9,988 –
Further impairment made for debtor in 就面臨財困的債務人所做的
financial difficulty 進一步攤備 520 234 247
Disposal of a subsidiary 出售一間附屬公司 (520) – –
2019
Increase in Lifetime ECL
全期預期信貸虧損增加
Increase Not credit- Credit-
in 12m ECL impaired impaired
12個月預期
信貸虧損增加無信貸減值出現信貸減值
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
Financial assets originated 所發起的財務資產 845 684 69,913
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158

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

Note: (Continued)

(b) The following tables show reconciliation of loss allowances that has been recognised for loan and interest receivables:

附註：（續）

(b) 下表載列已就應收貸款及利息確認的虧損撥備對賬：

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----- Start of picture text -----

Lifetime ECL Lifetime ECL
(not credit (credit
12m ECL impaired) impaired) Total
全期預期
12個月全期預期信貸虧損
預期信貸信貸虧損（出現
虧損（無信貸減值）信貸減值）總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2019 於2019年1月1日 11,464 – – 11,464
Change due to financial 因於2019年1月1日
instruments recognised as at 確認金融工具
1 January 2019: 的變動：
– Transfer to lifetime ECL －轉撥至全期預期信貸
(not credit impaired) 虧損（無信貸減值） (2,080) 2,080 – –
– Transfer to lifetime ECL －轉撥至全期預期信貸
(credit impaired) 虧損（出現信貸減值） (2,724) – 2,724 –
– Impairment losses recognised －已確認減值虧損 – 128 12,967 13,095
– Impairment losses reversed －已撥回減值虧損 (6,472) (500) – (6,972)
– Written off －撇銷 (209) – – (209)
Exchange adjustments 匯兌調整 21 33 41 95
At 31 December 2019 於2019年12月31日 – 1,741 15,732 17,473
Change due to financial 因於2020年1月1日
instruments recognised as at 確認金融工具的
1 January 2020: 變動：
– Transfer to lifetime ECL －轉撥至全期預期信貸
(credit impaired) 虧損（出現信貸減值） – (1,741) 1,741 –
– Impairment losses recognised －已確認減值虧損 – – 10,159 10,159
– Reclassified as assets classified as －重新分類為持作銷售
held for sale 資產 – – (26,769) (26,769)
Exchange adjustments 匯兌調整 – – (863) (863)
At 31 December 2020 於 2020 年 12 月 31 日 – – – –
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159

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued) Credit risk and impairment assessment (Continued)

b. 財務風險管理目標及政策（續）

信貸風險及減值評估（續）

Changes in the loss allowances for loan and interest receivables are mainly due to:

應收貸款及利息虧損撥備的變動主要由於以下各項所致：

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----- Start of picture text -----

2020
Increase in Lifetime ECL
全期預期信貸虧損增加
Decrease Not credit- Credit-
in 12m ECL impaired impaired
12 個月預期
信貸虧損減少無信貸減值出現信貸減值
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
Debtors in financial difficulty and 面臨財困的債務人並轉撥至
transferred to credit-impaired 出現信貸減值 – (1,741) 1,741
Reclassified as assets classified as 重新分類為持作銷售資產
held for sale – – (26,769)
Further impairment made for debtor 就面臨財困的債務人作出
in financial difficulty 進一步減值 – – 10,159
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			2019	2019
			Increase in Lifetime ECL
			全期預期信貸虧損增加
		Decrease in 12m ECL	Not credit- impaired	Credit- impaired
		12個月預期信貸虧損減少	無信貸減值	出現信貸減值
		RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元

Debtors in financial difficulty and transferred to credit-impaired Past due and transferred to lifetime ECL (not credit-impaired) Settlement received from debtors Further impairment made for not credit- impaired receivables Further impairment made for debtor in financial difficulty	面臨財困的債務人並轉撥至出現信貸減值已逾期並轉撥至全期預期信貸虧損（無信貸減值）從債務人獲得結算就無信貸減值應收款項作出進一步減值就面臨財困的債務人作出進一步減值	(2,724) (2,080) (6,472) – –	– 2,080 (500) 128 –	2,724 – – – 12,967

160

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

The following tables show reconciliation of loss allowances that has been recognised for amount due from an associate:

下表載列已就應收一間聯營公司款項確認的虧損撥備對賬：

		Lifetime ECL (credit-impaired)
		全期預期信貸虧損（出現信貸減值）
		RMB’000
		人民幣千元

At 1 January 2019 Changes due to financial instruments recognised as at 1 January 2019: – Disposal through disposal of a subsidiary At 31 December 2019 Changes in the loss allowances for amount from an associate are mainly due to:	於2019年1月1日 5,679 因於2019年1月1日確認金融工具的變動：－透過出售一間附屬公司出售 (5,679) 於2019年12月31日 – due 應收一間聯營公司款項虧損撥備的變動主要由於以下各項所致：

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----- Start of picture text -----

2019
Decrease in
Lifetime ECL
(credit-impaired)
2019年
全期預期
信貸虧損減少
（出現信貸減值）
RMB’000
人民幣千元
Disposal of a subsidiary 出售一間附屬公司 (5,679)
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161

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk and impairment assessment (Continued)

信貸風險及減值評估（續）

The following tables show reconciliation of loss allowances that has been recognised for the financial guarantee contract:

下表載列已就財務擔保合約確認的虧損撥備的對賬：

		Lifetime ECL (credit-impaired)
		全期預期信貸虧損（出現信貸減值）
		RMB’000
		人民幣千元

At 1 January 2019 於2019年1月1日 49,787 Changes due to financial instruments recognised as at 1 January 2019: 因於2019年1月1日確認金融工具的變動： Disposals through disposal of a subsidiary (Note 36(b)) 透過出售一間附屬公司出售（附註36（b）） (49,787) At 31 December 2019 於2019年12月31日 – Changes in the loss allowances for financial guarantee contract are mainly due to: 財務擔保合約虧損撥備的變動主要由於以下各項所致：

Changes in the loss allowances for financial guarantee contract are mainly due to:

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----- Start of picture text -----

2019
Decrease in
Lifetime ECL
(credit-impaired)
全期預期
信貸虧損減少
（出現信貸減值）
RMB’000
人民幣千元
Disposal of a subsidiary 出售一間附屬公司 (49,787)
----- End of picture text -----

Liquidity risk

流動資金風險

In the management of the liquidity risk, the Group 在管理流動資金風險方面，本 monitors and maintains a level of bank balance and 集團監察並維持銀行結餘及現 cash deemed adequate by the Directors to finance 金於一個水平，該水平被董事 the Group’s operations and mitigate the effects of 視為足夠應付本集團之運作， fluctuations in cash flows. 並減輕現金流量波動所帶來的影響。

162

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Liquidity risk (Continued)

流動資金風險（續）

The following table details the Group’s remaining contractual maturity for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows.

下表詳列本集團財務負債餘下合約年期。該表乃按本集團可被要求償還財務負債的最早日期的財務負債的未貼現現金流量編製。下表已包括現金流量利息及本金。

Liquidity tables

流動資金表

	Weighted average interest rate	On demand or less than 1 year	2-5 years	Over 5 years	Total undiscounted cash flows	Carrying amounts
	加權平均利率	按要求償還或少於1年	2至5年	超過5年	未貼現現金流量總額	賬面值
	%	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元

2020 2020年 Trade payables 應付賬款 Other payables and accruals 其他應付款項及應計費用 Amount due to a shareholder 應付一名股東款項 Lease liabilities 租賃負債 2019 2019年 Trade payables 應付賬款 Other payables and accruals 其他應付款項及應計費用 Amount due to a non-controlling interest 應付非控股權益款項 Amount due to a shareholder 應付一名股東款項 Lease liabilities 租賃負債

	N/A不適用	65,797	–	–	65,797	65,797
	N/A不適用	86,339	–	–	86,339	86,339
	N/A不適用	2,153	–	–	2,153	2,153
	2.7%-5.5%	691	–	–	691	676

		154,980	–	–	154,980	154,965
	N/A不適用 N/A不適用 N/A不適用 N/A不適用 2.7%-4.75%	67,231 22,926 2,625 5,219 775	– – – – 289	– – – – –	67,231 22,926 2,625 5,219 1,064	67,231 22,926 2,625 5,219 1,018 99,019
		98,776	289	–	99,065

163

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

c. Fair value measurements of financial instruments

c. 金融工具之公允價值計量

Some of the Group’s financial instruments are measured at fair value for financial reporting purposes. The Board is responsible for determining fair value and the process of determining fair value.

本集團部分金融工具就財務申報目的按公允價值計量。董事會對釐定公允價值及釐定公允價值的過程負責。

In estimating the fair value, the Group uses marketobservable data to the extent it is available. Where Level 1 inputs are not available, the Group engages third party qualified valuers to perform the valuation. The Board works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model.

於估計公允價值時，本集團利用可得的市場可觀察數據。若沒有第一級輸入值，本集團會委聘第三方合資格估值師來進行估值。董事會與合資格外聘估值師緊密合作以建立合適的估值技術及模型輸入數據。

(i) Fair value of the Group’s financial assets that are measured at fair value on a recurring basis

(i) 本集團財務資產之公允價值乃按經常基準以公允價值計量

Some of the Group’s financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and inputs used).

於各報告期末，本集團部分財務資產乃按公允價值計量。下表說明如何釐定該等財務資產之公允價值（尤其是所用之估值技術及輸入數據）。

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----- Start of picture text -----

Level 3
第三級
2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Equity instruments at FVTOCI 按公允價值計入
其他全面收入的
股本工具 34,883 52,743
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164

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

c. Fair value measurements of financial instruments (Continued)

c. 金融工具之公允價值計量（續）

(i) Fair value of the Group’s financial assets that are measured at fair value on a recurring basis (Continued)

(i) 本集團財務資產之公允價值乃按經常基準以公允價值計量（續）

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----- Start of picture text -----

Fair value as at
公允價值
Valuation
31 December 31 December Fair value technique(s) and Significant
Financial assets 2020 2019 hierarchy key input(s) unobservable input(s)
於 2020 年於2019年估值技術及重大不可觀察
財務資產 12 月 31 日 12月31日公允價值等級主要輸入數據輸入數據
Private equity investments 0.9% equity 1.38% equity Level 3 Market approach Discount of lack of
at FVTOCI (Note) investment in investment in 第三級市場法 marketability,
按公允價值計入其他全面收入的 Chaozhou Rural Chaozhou Rural determined by reference
非上市股本工具（附註） Commercial Commercial to the share price of
Bank Co., Ltd., Bank Co., Ltd., listed entities in similar
which is engaged which is engaged industries of 4.3%
in banking in banking (2019: 4.9%)
activities in PRC activities in PRC 缺乏市場流通性折價，
於中國從事於中國從事經參考類似行業
銀行業務的銀行業務的上市實體的股價
潮州農村商業銀行潮州農村商業銀行釐定，為4.3%
股份有限公司的股份有限公司的（2019年：4.9%）
0.9% 股本投資 1.38%股本投資
----- End of picture text -----

Note: An increase in discount for lack of marketability used in isolation would result in a decrease in fair value measurement of the private equity investments, and vice versa. For the year ended 31 December 2020, a 1% increase/decrease in discount for lack of marketability and holding all other variables constant would decrease/ increase the carrying amount of the private equity investments by approximately RMB365,000 (2019: RMB555,000).

附註：所使用缺乏市場流通性折價單獨上升將導致非上市股本投資的公允價值計量減少，反之亦然。截至2020年12 月31日止年度，缺乏市場流通性折價上升╱下降 1% ，而所有其他變數維持不變，非上市股本投資的賬面值將下降╱上升約人民幣365,000元（2019 年：人民幣555,000 元）。

There were no transfers between Levels 1, 2 and 3 in current and prior year.

於本年度及上年度，第一、二及三級之間並無轉撥。

165

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

c. Fair value measurements of financial instruments (Continued)
c. 金融工具之公允價值計量（續）

(ii) Reconciliation of Level 3 fair value measurements

(ii) 第三級公允價值計量的對賬

		Assets – Private equity securities at FVTOCI
		資產－按公允價值計入其他全面收入的非上市股本證券
		RMB’000
		人民幣千元

At 1 January 2019 Purchase Total loss in other comprehensive income At 31 December 2019 Disposal Total gain in other comprehensive income At 31 December 2020	於2019年1月1日購買其他全面收益虧損總額於2019年12月31日出售其他全面收益總額於2020年12月31日	49,000 63,931 (60,188) 52,743 (17,912) 52 34,883

Included in other comprehensive income is an amount of approximately RMB52,000 fair value gain (fair value loss of 2019: RMB60,188,000) relating to the unlisted equity securities classified as equity instruments at FVTOCI held at the end of the current reporting period and is reported as changes of “FVTOCI reserve”.

其他全面收入包括與於本報告期末分類為按公允價值計入其他全面收入的股本工具的非上市股本證券相關的公允價值收益約人民幣52,000 元（2019年公允價值虧損：人民幣60,188,000 元），並匯報為「按公允價值計入其他全面收入的儲備」的變動。

The Directors consider that the carrying amounts of other financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate their fair values.

董事認為，於綜合財務報表按攤銷成本錄得之其他財務資產及財務負債之賬面值與其公允價值相若。

166

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

7. REVENUE

7. 收益

An analysis of the Group’s revenue from continuing operations for the years is as follows:

年內本集團來自持續經營業務之收益分析如下：

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2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
(Restated)
（經重列）
Continuing operations 持續經營業務
Revenue from contracts with customer 客戶合約收益服務類型 (a)
Type of services 服務類別
Construction of infrastructure and 基礎設施建設及
development of properties: 物業發展
–
Slope stabilisation works 斜坡鞏固工程 21,893
Construction of land 在建工程 6,624 –
6,624 21,893
Leases 租賃 (b) 384 130
Total revenue 總收益 7,008 22,023
Notes: 附註：
(a) All the revenue from construction of infrastructure and (a) 來自基礎設施建設及物業發展的所有
development of properties was recognised at a point in time 收益乃根據與位於中國的一家國有企
based on the contracts entered into with a stated-owned 業（「唯一客戶」）訂立的合約於某一時
Sole Customer ”). 點確認。
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(a) All the revenue from construction of infrastructure and development of properties was recognised at a point in time based on the contracts entered into with a stated-owned enterprise located in the PRC (the “ Sole Customer ”).

於合約中訂明的相關基礎設施及物業乃根據唯一客戶的規格作出，不作其他用途。經考慮相關合約條款、法律環境及相關法律先決條件後，董事確定，本集團於驗收交付程序完成之前並無付款的可強制執行權力。因此，基礎設施建設及物業發展的收益於已竣工基礎設施及物業轉移予唯一客戶的時點（即驗收交付程序完成的時點）確認，而本集團具現有收款權，且大有可能收回代價。

The relevant infrastructure and properties specified in the contracts are based on the Sole Customer’s specifications with no alternative use. Taking into consideration of the relevant contract terms, the legal environment and relevant legal precedent, the Directors concluded that the Group does not have an enforceable right to payment prior to the completion of the acceptance and transfer procedure. Revenue from construction of infrastructure and development of properties is therefore recognised at a point in time when the completed infrastructure and property is transferred to the Sole Customer, being at the point that the acceptance and transfer procedure completed and the Group has present right of payment and collection of the consideration is probable.

唯一客戶在驗收交付程序仍在進行時向本集團作出預付款項。預付款項導致合約負債於整個建設及發展期間內確認，直至驗收交付程序完成及唯一客戶獲得已竣工基礎設施及物業的控制權為止。

The Sole Customer made advance payments to the Group while the acceptance and transfer procedure is still ongoing. The advance payments result in contract liabilities being recognised throughout the construction and development period until the completion of acceptance and transfer procedure and the Sole Customer obtains control of the completed infrastructure and property.

本集團認為預付款項包含重大融資成分，故應用實際權宜方法，不調整任何重大融資成分的交易價格，原因為付款與轉移相關基礎設施及物業的期間不足一年。

The Group considers the advance payments contain significant financing component and applies the practical expedient of not adjusting the transaction price for any significant financing component as the period between payments and transfer of the associated infrastructure and property is less than one year.

本集團亦應用實際權宜方法，不披露分配至與客戶訂立合約的餘下履約責任的交易價格，原因為所有收益合約的期間均為一年或以下。

The Group also applies the practical expedient of not disclosing about the transaction price allocated to the remaining performance obligations for contracts with customers as all revenue contracts are for period of one year or less.

167

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

7. REVENUE (Continued)

7. 收益（續）

Notes: (Continued)

附註：（續） (b) 租賃

Leases	(b)	租賃
		2020	2019
		RMB’000	RMB’000
		人民幣千元	人民幣千元

For operating leases: Lease payments that are fixed	就經營租賃而言：固定租賃付款		130

		384

8. OPERATING SEGMENTS

8. 經營分部

Information reported to the board of directors of the Company (the “ Board ”), being the chief operating decision maker (the “ CODM ”), for the purposes of resource allocation and assessment of segment performance focus on types of goods or services delivered or provided. No operating segments identified by the CODM have been aggregated in arriving at the reportable segments of the Group.

就資源分配及分部表現評估而言，向本公司董事會（「董事會」）（即主要經營決策者（「主要經營決策者」）匯報之資料專注於所交付或提供之商品或服務類別。於達致本集團可報告分部時，並無併入獲主要經營決策者所識別的經營分部。

Specifically, the Group’s reporting segments under HKFRS 8 are as follows:

具體而言，本集團根據香港財務報告準則第8號的可報告分部如下：

Construction of infrastructure and development of properties

－基礎設施建設及物業發展

Property investment

－物業投資

Operating segments regarding credit business and securities investment were discontinued in the current year. The segment information reported on the next pages does not include any amounts for these operations, which are described in more details in Note 13.

有關信貸業務及證券投資的經營分部已於本年度終止。下頁報告的分部資料不計入該等業務的任何金額（詳見附註13）。

168

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

8. OPERATING SEGMENTS (Continued)

8. 經營分部（續）

Segment revenues and results

分部收益及業績

The following is an analysis of the Group’s revenue and results from continuing operations by reportable segments:

以下為本集團按可報告分部劃分的來自持續經營業務之收益及業績分析：

For the year ended 31 December

截至 12 月 31 日止年度

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Segment revenue Segment results
分部收益分部業績
2020 2019 2020 2019
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
(Restated) (Restated)
（經重列）（經重列）
Continuing operations 持續經營業務
Construction of infrastructure and 基礎設施建設及
development of properties 物業發展 6,624 21,893 (42) 766
Property investment 物業投資 384 130 (44) (600)
Total 總計 7,008 22,023 (86) 166
Share of loss of associates 分佔聯營公司虧損 – (8,548)
Impairment losses under expected 預期信貸虧損模型下的
credit loss model, net of reversal 減值虧損，扣除撥回 (10,504) (71,111)
Other income 其他收入 3,006 1,316
Exchange gain, net 匯兌收益淨額 1,993 90
Gain on disposal of subsidiaries, net 出售附屬公司收益淨額 15,554 1,072
Depreciation of property, 物業、廠房及設備折舊
plant and equipment (196) (259)
Depreciation of right-of-use assets 使用權資產折舊 (1,433) (1,520)
Impairment loss recognised in respect of 物業、廠房及設備之
–
property, plant and equipment 已確認減值虧損 (36,380)
Staff costs 員工成本 (4,486) (4,497)
Other operating expenses 其他經營開支 (5,319) (7,277)
Finance cost 融資成本 (31) (53)
Loss before tax from continuing 持續經營業務之除稅前虧損
operations (37,882) (90,621)
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169

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

8. OPERATING SEGMENTS (Continued)

8. 分部（續）

Segment revenues and results (Continued)

分部收益及業績（續）

Segment revenue reported above represents revenue generated from external customers. There were no inter-segment sales in the current year (2019: Nil).

以上報告的分部收益指來自外部客戶的收益。本年度並無分部間銷售（2019年：無）。

The accounting policies of the operating segments are the same as the Group’s accounting policies described in Note 3. Segment results represents the (loss from) profit earned by each segment without allocation of share of loss of associates, impairment losses under expected credit loss model, net of reversal, impairment loss recognised in respect of property, plant and equipment, other income, gain on disposal of subsidiaries, net, depreciation, exchange gain, net, finance cost and central administration costs including directors’ emoluments and staff costs. This is the measure reported to the CODM for the purposes of resource allocation and performance assessment.

經營分部的會計政策與本集團的會計政策相同（詳見附註3）。分部業績指各分部賺取的（虧損）溢利，並無計及分配分佔聯營公司虧損、預期信貸虧損模式下的若干減值虧損（扣除撥回）、物業、廠房及設備之已確認減值虧損、其他收入、出售附屬公司收益淨額、折舊、匯兌收益淨額、融資成本及中央行政成本（包括董事酬金及員工成本）。此乃就資源分配及表現評估而向主要經營決策者匯報的方法。

Segment assets and liabilities

分部資產及負債

The following is an analysis of the Group’s assets and liabilities by reportable and operating segment:

以下為本集團按可報告及經營分部劃分的資產及負債分析：

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Segment assets 分部資產
Continuing operations 持續經營業務
Construction of infrastructure and 基礎設施建設及
development of properties 物業發展 207,522 208,601
Credit business 信貸業務 – 14,339
Property investment 物業投資 416,400 166,500
Total reportable segment assets 可報告分部資產總額 623,922 389,440
Asset classified as held for sale 分類為持作銷售的資產 10,307 239,454
Unallocated corporate assets 未分配公司資產 263,901 367,517
Consolidated assets 綜合資產 898,130 996,411
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170

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

8. OPERATING SEGMENTS (Continued)

8. 經營分部（續）

Segment assets and liabilities (Continued)

分部資產及負債（續）

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Segment liabilities 分部負債
Continuing operations 持續經營業務
Construction of infrastructure and 基礎設施建設及
development of properties 物業發展 120,723 128,980
Property investment 物業投資 54,489 253
Total reportable segment liabilities 可報告分部負債總額 175,212 129,233
Liabilities associated with assets classified as 與分類為持作銷售之
held for sale 資產相關的負債 1,978 6,525
Unallocated corporate liabilities 未分配公司負債 36,211 53,140
Consolidated liabilities 綜合負債 213,401 188,898
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For the purposes of monitoring segment performance and allocating resources between segments:

就分部間監察分部表現及分配資源而言：

all assets are allocated to operating segments other than property, plant and equipment, right-of-use assets, equity instruments at FVTOCI, certain deposits paid, deferred tax asset, deposits and other receivables, certain restricted bank balances, bank balances and cash and assets classified as held for sale.
除物業、廠房及設備、使用權資產、按公允價值計入其他全面收入的股本工具、所支付的若干訂金、遞延稅項資產、訂金及其他應收款項、若干受限制銀行結餘、銀行結餘及現金及分類為持作銷售的資產以外，分配予經營分部的所有資產。
all liabilities are allocated to operating segments other than certain other payables and accruals, lease liabilities, tax liabilities, amount due to a non-controlling interest/a shareholder, deposit received and liabilities associated with assets classified as held for sale.
除若干其他應付款項及應計費用、租賃負債、稅項負債、應付非控股權益╱一名股東款項、已收訂金以及與分類為持作銷售的資產相關的負債以外，分配予經營分部的所有負債。

171

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

8. OPERATING SEGMENTS (Continued)

8. 經營分部（續）

Other segment information

其他分部資料

Continuing operations

持續經營業務

Amounts included in the measure of segment profit or loss or segment assets:

計入分部損益或分部資產計量的金額：

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----- Start of picture text -----

Construction of
infrastructure and
development of properties Property investment Unallocated Total
基礎設施建設及物業發展物業投資未分配總計
2020 2019 2020 2019 2020 2019 2020 2019
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Loss from changes in fair value of 投資物業公允價值變動的
investment properties 虧損 – – 428 730 – – 428 730
Additions to non-current assets (Note) 非流動資產添置（附註）
– investment properties －投資物業 – – 138,328 20,130 – – 138,328 20,130
– deposit paid －已付訂金 – – 2,000 7,100 35,000 56,000 37,000 63,100
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Amounts regularly provided to the CODM but not included in the measure of segment profit or loss or segment assets:

定期提供予主要經營決策者但並無包括在分部損益或分部資產計量的金額：

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Construction of 附註：非流動資產不包括與已終止經營業務
infrastructure and
development of properties Property investment Unallocated Total
基礎設施建設及物業發展物業投資未分配總計
2020 2019 2020 2019 2020 2019 2020 2019
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
(Restated) (Restated) (Restated) (Restated)
（經重列）（經重列）（經重列）（經重列）
Depreciation of property, plant and 物業、廠房及設備折舊
equipment 2 2 – – 194 257 196 259
Depreciation of right-of-use assets 使用權資產折舊 – – – – 1,433 1,520 1,433 1,520
Additions to non-current assets (Note) 非流動資產添置（附註）
– property, plant and equipment －物業、廠房及設備 – – – – – 147 – 147
– right-of-use assets －使用權資產 – – – – 571 6,493 571 6,493
Other income 其他收入 (1,939) (95) – – (1,067) (1,221) (3,006) (1,316)
Share of loss of associates 分佔聯營公司虧損 – – – – – 8,548 – 8,548
– – – –
Gain on disposal of subsidiaries, net 出售附屬公司收益淨額 (15,554) (1,072) (15,554) (1,072)
Impairment losses on other 其他應收款項的減值虧損淨額
receivables, net – – – – 10,504 71,111 10,504 71,111
Financial cost 融資成本 – – – – 31 53 31 53
– – – –
Exchange gain, net 匯兌收益淨額 (1,993) (90) (1,993) (90)
Impairment loss recognised in respect of 就物業、廠房及設備確認之
property, plant and equipment 減值虧損 – – – – 36,380 – 36,380 –
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Note: Non-current assets excluded those relating to discontinued operations and excluded financial instruments and deferred tax assets.

相關的資產，亦不包括金融工具及遞延稅項資產。

172

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

8. OPERATING SEGMENTS (Continued)

8. 經營分部（續）

Geographical information

地區資料

For the years ended 31 December 2020 and 2019, the Group operated in two principal geographical areas – the PRC (excluding Hong Kong) and Hong Kong.

截至2020年及2019年12月31日止年度，本集團在兩個主要地區經營業務－中國（不包括香港）及香港。

Information about the Group’s revenue from continuing operations from external customers is presented based on the location of operations. Information about the Group’s non-current assets is presented based on the geographical location of the assets.

本集團來自外部客戶的持續經營業務收益的資料按業務所在地區呈列。本集團非流動資產的資料按資產所在地區呈列。

==> picture [433 x 149] intentionally omitted <==

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Revenue from external
customers Non-current assets
來自外部客戶收益非流動資產
2020 2019 2020 2019
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
PRC 中國 7,008 22,023 478,449 396,805
Hong Kong 香港 – – 361 940
7,008 22,023 478,810 397,745
----- End of picture text -----

Non-current assets exclude those relating to discontinued operations, financial instruments and deferred tax assets.
非流動資產不包括與已終止經營業務相關的資產、金融工具及遞延稅項資產。

主要客戶資料 Information about major customers

Revenue from customer of the corresponding years contributing over 10% of the total revenue of the Group is as follows:

相應年度來自客戶的收益佔本集團總收益超過10%如下：

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Customer A – Construction of 客戶A－基礎設施建設及
infrastructure and development of 物業發展
properties 6,624 21,893
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173

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

9. OTHER INCOME

9. 其他收入

	2020	2019
	RMB’000	RMB’000
	人民幣千元	人民幣千元
		(Restated)
		（經重列）

Continuing operations 持續經營業務 Bank interest income 銀行利息收入 10 101 Loan interest income_(Note 27(b)) 貸款利息收入（附註27(b)） 819 1,053 Dividends from equity instruments at FVTOCI relating to investments held at the end of the reporting period 與報告期末所持投資相關並按公允價值計入其他全面收入的股本工具的股息 1,934 – Covid-19 – related rent concessions (Note 19) 2019冠狀病毒病相關租金寬減（附註19） 145 – Government grants(Note) 政府補助金（附註） 91 – Sundry income 雜項收入 7 162 3,006 1,316 _Note: During the current year, the Group recognised government grants of approximately RMB91,000 in respect of Covid-19-related subsidies, which relates to Employment Support Scheme provided by the Hong Kong government. 附註：於本年度，本集團就2019冠狀病毒病相關租金寬減確認政府補助金約人民幣91,000元，其與香港政府提供的「保就業」計劃有關。


	10
	819
	1,934
	145
	91
	7

	3,006

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FINANCE COST 10. 融資成本
2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Continuing operations 持續經營業務
Interest on lease liabilities 租賃負債利息 31 53
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10. FINANCE COST

174

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

11. IMPAIRMENT LOSSES UNDER EXPECTED CREDIT LOSS MODEL, NET OF REVERSAL

11. 預期信貸虧損模式下的減值虧損，扣除撥回

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
（經重列）
Continuing operations 持續經營業務
Impairment losses recognised on: 於以下項目確認減值虧損：
– other receivables －其他應收款項 10,504 71,111
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Details of impairment assessment are set out in Note 6(b).

。有關減值評估的詳情載於附註6(b)

12. INCOME TAX EXPENSE

12. 所得稅開支

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
（經重列）
Continuing operations 持續經營業務
Current tax: 即期稅項：
– PRC Enterprise Income Tax －中國企業所得稅 96 90
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On 21 March 2018, the Hong Kong Legislative Council passed The Inland Revenue (Amendment) (No. 7) Bill 2017 (the “ Bill ”) which introduces the two-tiered profits tax rates regime. The Bill was signed into law on 28 March 2018 and was gazetted on the following day. Under the two-tiered profits tax rates regime, the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2 million will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.

於2018年3月21日，香港立法會通過 2017年稅務（修訂）（第7號）條例草案（「該草案」），引入兩級制利得稅率制度。該草案於2018年3月28日簽署成為法律，並於翌日刊登憲報。根據兩級制利得稅率制度，合資格集團實體的首2,000,000港元的溢利將按8.25% 的稅率徵稅，而超過2,000,000港元的溢利將按16.5%的稅率徵稅。不符合兩級制利得稅率制度的集團實體溢利將繼續按16.5%的統一稅率徵稅。

175

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

12. INCOME TAX EXPENSE (Continued)

12. 所得稅開支（續）

During the year ended 31 December 2020 and 31 December 2019, the Directors considered the amount involved upon implementation of the two-tiered profits tax rates regime is insignificant to the consolidated financial statements. Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for the year ended 31 December 2020. No provision for taxation in Hong Kong has been made as the Group did not generated any assessable profits arising in Hong Kong.

截至2020年12月31日及2019年12月 31日止年度，董事認為，於實施利得稅兩級制後涉及的金額就綜合財務報表而言微不足道。香港利得稅按截至 2020年12月31日止年度估計應課稅溢利16.5%計稅。由於本集團並無於香港產生任何應課稅溢利，並無對香港稅項作出撥備。

Under the Law of PRC on Enterprise Income Tax (the “ EIT Law ”) and Implementation Regulation of the EIT Law, the tax rate of the Company and the PRC subsidiaries is 25% for both years.

根據中國企業所得稅法（「企業所得稅法」）及企業所得稅法實施條例，本公司及中國附屬公司於該兩個年度之稅率為25%。

Taxation arising in other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.

其他司法權區產生的稅項按相關司法權區現行的稅率計算。

The tax charges for the years can be reconciled to the loss before tax per the consolidated statement of profit or loss as follows:

於綜合損益表中，年內稅項開支與除稅前虧損之對賬如下：

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
（經重列）
Continuing operations 持續經營業務
Loss before tax 除稅前虧損 (37,882) (90,621)
Income tax at applicable tax rates 按照適用稅率計算的所得稅 (7,564) (20,630)
Tax effect of expenses not deductible 計稅時不可抵扣的開支
for tax purpose 稅務影響 12,356 17,449
Tax effect of income not taxable 毋須課稅收入的
for tax purpose 稅務影響 (6,510) (1,419)
Tax effect of tax losses not recognised 未確認稅務虧損的稅務影響 1,814 4,690
Income tax expense 所得稅開支 96 90
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176

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

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----- Start of picture text -----

13. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD 13. 已終止經營業務╱持作銷售的出售
FOR SALE 組別
The loss for the year from discontinued operations is set 來自已終止經營業務之年內虧損載列
out below: 如下：
2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
Loss for the year from: 年內虧損來自：
Credit business 信貸業務 (a) (10,300) (3,729)
Securities investment 證券投資 (b) – –
(10,300) (3,729)
Assets classified as held for sale is set out below: 分類為持作銷售的資產載列如下：
2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
Assets classified as held for sale related to: 分類為持作銷售的資產
與下列各項相關：
Disposal of Shenzhen Shen Wu 出售深圳市沈物投資
Investment & Development Company 發展有限公司
Limited (“ Shenzhen Shen Wu ”) （「深圳沈物」） (a) 10,307 –
Disposal of Shenzhen He Hui Huang 出售深圳市
Development Company Limited 合輝煌發展有限公司
–
(“ SHHH Development ”) （「深圳合輝煌發展」） (c) 239,454
10,307 239,454
Liabilities associated with assets classified as held for sale is 分類為持作銷售與資產相關的負債載
set out below: 列如下：
2020 2019
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
Liabilities associated with assets 分類為持作銷售與資產
classified as held for sale related to: 相關的負債與下列
各項相關：
–
Disposal of Shenzhen Shen Wu 出售深圳沈物 (a) 1,978
–
Disposal of SHHH Development 出售深圳合輝煌發展 (c) 6,525
1,978 6,525
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177

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

13. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD FOR SALE (Continued)

13. 已終止經營業務╱持作銷售的出售組別（續）

Notes:

附註：

(a) Disposal of Shenzhen Shen Wu

During the year ended 31 December 2020, the Directors resolved to cease all the Group's credit business. On 31 December 2020, the Company entered into a disposal agreement with an independent third party (the “ Purchaser I ”), pursuant to which the Company sell the entire equity interest of Shenzhen Shen Wu and its subsidiaries, which include Chung Hwa Finance Limited (“ Chung Hwa Finance ”), at a consideration of approximately RMB5,000,000. Chung Hwa Finance carried out all of the Group’s credit business. The assets and liabilities attributable to the credit business, which are expected to be sold within twelve months, have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position (see below). The net carrying amount of the relevant assets and liabilities are not expected to exceed the net proceeds of disposal and accordingly, no impairment loss has been recognised.

(a) 出售深圳沈物

截至2020年12月31日止年度，董事通過決議停止本集團的所有信貸業務。於 2020 年 12 月 31 日，本公司與獨立第三方（「買方 I 」）訂立出售協議，據此，本公司出售深圳沈物及其附屬公司（包括中華信貸有限公司（「中華信貸」））全部股權，代價約為人民幣5,000,000元。中華信貸開展本公司的所有信貸業務。預計該等業務應佔的資產及負債將於十二個月內出售，分類為持作銷售的出售組別，並於綜合財務狀況表單獨呈列（見下文）。預計出售所得款項淨額超出相關資產及負債的賬面淨值，故並無確認減值虧損。

The loss for the year from the discontinued credit business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the credit business as a discontinued operation.

The loss for the year from the discontinued credit business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the credit business as a discontinued operation. 來自已終止信貸業務之年內虧損載列如下。綜合損益表內的比較數字已重列，以將信貸業務重新呈列為已終止經營業務。	The loss for the year from the discontinued credit business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the credit business as a discontinued operation. 來自已終止信貸業務之年內虧損載列如下。綜合損益表內的比較數字已重列，以將信貸業務重新呈列為已終止經營業務。	The loss for the year from the discontinued credit business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the credit business as a discontinued operation. 來自已終止信貸業務之年內虧損載列如下。綜合損益表內的比較數字已重列，以將信貸業務重新呈列為已終止經營業務。	The loss for the year from the discontinued credit business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the credit business as a discontinued operation. 來自已終止信貸業務之年內虧損載列如下。綜合損益表內的比較數字已重列，以將信貸業務重新呈列為已終止經營業務。
		2020	2019
		RMB’000	RMB’000
		人民幣千元	人民幣千元

Revenue Interest under effective interest method Cost of sales Impairment losses under expected credit loss model, net of reversal Depreciation Staff costs Other operating expenses Loss before tax Income tax expense Loss for the year	收益實際利率法下的利息銷售成本預期信貸虧損模型下的減值虧損，扣除撥回折舊員工成本其他經營開支除稅前虧損所得稅開支年內虧損		4,537 (203) (6,503) (11) (219) (264) (2,663) (1,066) (3,729)

		–
		–
		(10,175)
		–
		–
		(35)

		(10,210)
		(90)

		(10,300)

178

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

13. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD FOR SALE (Continued)

13. 已終止經營業務╱持作銷售的出售組別（續）

Note: (Continued) (a) Disposal of Shenzhen Shen Wu_(Continued)_ Loss for the year from discontinued operation includes the following: 2020 2019 RMB’000 RMB’000 人民幣千元人民幣千元 Director’s remuneration 董事酬金 – – Other staff cost (excluding directors’ emoluments) 其他員工成本（不包括董事酬金） – Salaries, wages and other benefits －薪金、工資和其他福利 – 211 – Contributions to retirement benefits schemes －退休福利計劃供款 – 8 – 219 Total staff costs 員工成本總額 – 219 Auditor remuneration 核數師薪酬 17 15 附註：（續） (a) 出售深圳沈物（續）來自已終止經營業務之年內虧損包括下列各項：	Note: (Continued) (a) Disposal of Shenzhen Shen Wu_(Continued)_ Loss for the year from discontinued operation includes the following: 2020 2019 RMB’000 RMB’000 人民幣千元人民幣千元 Director’s remuneration 董事酬金 – – Other staff cost (excluding directors’ emoluments) 其他員工成本（不包括董事酬金） – Salaries, wages and other benefits －薪金、工資和其他福利 – 211 – Contributions to retirement benefits schemes －退休福利計劃供款 – 8 – 219 Total staff costs 員工成本總額 – 219 Auditor remuneration 核數師薪酬 17 15 附註：（續） (a) 出售深圳沈物（續）來自已終止經營業務之年內虧損包括下列各項：	Note: (Continued) (a) Disposal of Shenzhen Shen Wu_(Continued)_ Loss for the year from discontinued operation includes the following: 2020 2019 RMB’000 RMB’000 人民幣千元人民幣千元 Director’s remuneration 董事酬金 – – Other staff cost (excluding directors’ emoluments) 其他員工成本（不包括董事酬金） – Salaries, wages and other benefits －薪金、工資和其他福利 – 211 – Contributions to retirement benefits schemes －退休福利計劃供款 – 8 – 219 Total staff costs 員工成本總額 – 219 Auditor remuneration 核數師薪酬 17 15 附註：（續） (a) 出售深圳沈物（續）來自已終止經營業務之年內虧損包括下列各項：
	2020	2019
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Director’s remuneration 董事酬金 Other staff cost (excluding directors’ emoluments) 其他員工成本（不包括董事酬金） – Salaries, wages and other benefits －薪金、工資和其他福利 – Contributions to retirement benefits schemes －退休福利計劃供款 Total staff costs 員工成本總額 Auditor remuneration 核數師薪酬		– 211 8 219 219 15
	–


	–
	–

	–

	–

	17

During the year, the credit business contributed net cash inflow of approximately RMB39,000 (2019: outflow of approximately RMB678,000) to the Group's net operating cash flows, no net cash flow (2019: RMB Nil) in respect of investing activities and net cash outflow of approximately RMB27,000 (2019: net cash inflow of approximately RMB345,000) in respect of financing activities.

年內，信貸業務對本集團的經營現金流量淨額貢獻現金流入淨額約人民幣39,000元（2019 年：流出額約人民幣678,000元），未就投資活動產生現金流動淨額（2019年：人民幣零元），就融資活動產生現金流出淨額約人民幣 27,000元（2019年：現金流入淨額約人民幣 345,000元）。

179

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

13. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD FOR SALE (Continued)

13. 已終止經營業務╱持作銷售的出售組別（續）

Note: (Continued) (a) Disposal of Shenzhen Shen Wu (Continued) The major classes of assets and liabilities of Shenzhen Shen Wu and its subsidiaries as at 31 December 2020, which have been presented separately in the consolidated statement of financial position, are as follows:

附註：（續） (a) 出售深圳沈物（續）於2020年12月31日，深圳沈物及其附屬公司的主要資產及負債類別如下，已在綜合財務狀況表中單獨列示：

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2020
RMB’000
人民幣千元
Property, plant and equipment (Note 18) 物業、廠房及設備（附註18） 512
Deferred tax assets (Note 38) 遞延稅項資產（附註38） 766
Loan and interest receivables 應收貸款及利息 3,317
Bank balances and cash 銀行結餘及現金 154
Other receivables 其他應收款 5,329
Tax recoverable 可收回稅項 229
Total assets classified as held for sale 分類為持作銷售資產總額 10,307
Other payable 其他應付款 230
Amount due to a shareholder 應付一名股東款項 1,748
Total liabilities associated with assets classified as 與分類為持作銷售資產有關的負債總額
held for sale 1,978
----- End of picture text -----

Cumulative amount of approximately RMB546,000 relating to the disposal group classified as held for sale has been recognised in other comprehensive income and included in equity.

與分類為持作銷售之出售組別相關的累計金額約人民幣546,000元已於其他全面收入確認並包含於股權內。

180

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

13. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD FOR SALE (Continued)

13. 已終止經營業務╱持作銷售的出售組別（續）

Note: (Continued)

附註：（續）

(b) Securities investments business

On 24 June 2019, the Company entered into a disposal agreement with an independent third party (the “ Purchaser II ”), pursuant to which the Company sell the entire equity interests of Shenzhen Shen He Chuang Jian Investment Development Company Limited (“ Shenzhen Shen He ”) and its wholly-owned subsidiaries, Shenzhen Shen Shang Chuang Jian Investment Development Company Limited, Sichuang Overseas Investment Development Corporation Limited (“ Sichuang Overseas ”) and Sichuang International Ltd (collectively known as the “ Disposal Group ”) to the Purchase II at a consideration of RMB13,950,000. Sichuang Overseas carried out all of the Group’s securities investments. The disposal was completed on 28 June 2019. Details of the disposal are disclosed in Note 36(b). During the year ended 31 December 2020, the management of the Group decided to cease the business of securities investments.

(b) 證券投資業務

於 2019 年 6 月 24 日，本公司與獨立第三方（「買方 II 」）訂立出售協議，據此，本公司出售深圳市沈和創建投資發展有限公司（「深圳沈和」）全部股權及其全資附屬公司深圳市沈商創建投資發展有限公司、思創海外投資發展有限公司（「思創海外」）及思創國際有限公司（統稱「出售組合」）予買方II，代價為人民幣 13,950,000 元。思創海外進行本公司的所有證券投資。該出售事項已於2019年6月28日完成。出售詳情於附註36(b)中披露。截至 2020年12月31日止年度，本集團管理層通決定停止本集團的所有證券投資業務。

The loss for the year from the discontinued securities investments business is set out below. The comparative figures in the consolidated statement of profit or loss have been restated to represent the securities investments as a discontinued operation.

來自已終止證券投資業務之年內虧損載列如下。綜合損益表內的比較數字已重列，以將證券投資重新呈列為已終止經營業務。

	2020	2019
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Other operating expenses 其他經營開支 – – Loss before tax and loss for the year 除稅前虧損及年內虧損 – – There was no cash flows, no assets and liabilities attributable to the securities investments as at 31 December 2020 and 2019. 於2020年及2019年12月31日，並無現金流量、資產及負債可歸屬於證券投資。
	–

	–

181

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

13. DISCONTINUED OPERATIONS/DISPOSAL GROUP HELD FOR SALE (Continued)

13. 已終止經營業務╱持作銷售的出售組別（續）

Note: (Continued)

On 4 July 2019, Shenzhen Shenxi Investment & Development Company Limited (“ Shenzhen Shenxi ”), an indirect whollyowned subsidiary of the Company, entered into a disposal agreement with an independent third party (the “ Purchaser III ”), whereby the Purchaser III has conditionally agreed to purchase and Shenzhen Shenxi has conditionally agreed to sell 66.67% equity interests and the shareholder’s loan of SHHH Development (the “ Shareholder’s Loan ”) at the consideration of RMB173,000,000, in which RMB165,000,000 and RMB8,000,000 are for disposal of 66.67% equity interest of SHHH Development and Shareholder’s Loan respectively. SHHH Development mainly held 30% equity interest in Shenzhen Zhong De Logistics Company Limited (“ Zhong De Logistics ”) which engages in domestic logistics, freight forwarding, warehousing and distribution services. The assets and liabilities attributable to SHHH Development, which is expected to be sold within twelve months, have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position (see below). The net proceeds of disposal are expected to exceed the net carrying amount of the relevant assets and liabilities and accordingly, no impairment loss has been recognised.

Deposit of RMB20,000,000 has been received from the Purchaser III and was recognised as deposit received as at 31 December 2019.

The major classes of assets and liabilities of SHHH Development classified as held for sale are as follows:

附註：（續）

(c) 出售深圳合輝煌發展於2019年7月4日，深圳市沈璽投資發展有限公司（「深圳沈璽」，本公司之間接全資附屬公司）與獨立第三方（「買方 III 」）訂立出售協議，據此，買方III有條件同意購買而深圳沈璽有條件同意出售深圳合輝煌發展66.67% 股權及股東貸款（「股東貸款」），代價為人民幣173,000,000元，其中人民幣165,000,000元及人民幣8,000,000 元分別乃出售深圳合輝煌發展的 66.67%股權及股東貸款所得。深圳合輝煌發展主要持有深圳市眾德物流有限公司（「眾德物流」）30%股權，該公司從事國內物流、貨運、倉儲及配送服務。預計深圳合輝煌發展應佔的資產及負債將於十二個月內出售，分類為持作銷售的出售組別，並於綜合財務狀況表單獨呈列（見下文）。預計出售所得款項淨額超出相關資產及負債的賬面淨值，故並無確認減值虧損。

於2019年12月31日，已從買方III收取訂金人民幣20,000,000元並已確認為已收訂金。

分類為持作銷售的深圳合輝煌發展的主要資產及負債類別如下：

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2019
RMB’000
人民幣千元
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Property, plant and equipment_(Note 18)_	物業、廠房及設備（附註18）	物業、廠房及設備（附註18）	81
Right-of-use assets_(Note 19)_	使用權資產（附註19）		43
Interest in associates_(Note 22)_	於聯營公司的權益（附註22）		231,183
Bank balances and cash	銀行結餘及現金		17
Amount due from an associate	應收一間聯營公司款項		8,000
Other receivables	其他應收款項		130
Total assets classified as held for sale	分類為持作銷售資產總額		239,454
Trade payable	應付賬款		38
Other payable	其他應付款項		6,443
Lease liabilities	租賃負債		44
Total liabilities associated with assets classified	與分類為持作銷售資產相關的
as held for sale_(Note)_	負債總額（附註）		6,525
The dispose was completed on 15 November 2020. The		該出售事項已於2020年11月15日完
carrying amounts of the assets and liabilities of SHHH		成。深圳合輝煌發展於出售日期的資
Development at the date of disposal are disclosed	in Note	產及負債賬面值於附註36(a)披露。
36(a).

Note: Liabilities associated with assets classified as held for 附註：與上述持作銷售的出售組別 sale directly associated with disposal group held for 直接關聯的持作銷售資產相 sale above are presented after elimination of intra關的負債於撇除集團間結餘 group balance of RMB8,000,000. 人民幣 8,000,000元後呈列。

182

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

14. LOSS FOR THE YEAR

14. 年內虧損

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
經重列
Loss for the year from continuing operations 來自持續經營業務之年內
has been arrived at after charging: 虧損已扣除（計入）：
Directors’, supervisors’ and chief 董事、監事及主要行政人員
executives’ remuneration (Note 15) 的酬金（附註15） 1,669 1,665
Other staff cost (excluding directors’ 其他員工成本
emoluments) （不包括董事酬金）
– Salaries, wages and other benefits －薪金、工資和其他福利 2,538 2,446
– Co ntributions to retirement benefits －退休福利計劃供款
schemes 279 386
2,817 2,832
Total staff costs 員工成本總額 4,486 4,497
Depreciation of property, plant and 物業、廠房及設備折舊
equipment 196 259
Depreciation of right-of-use assets 使用權資產折舊 1,433 1,520
Loss on written-off of property, 撇銷物業、廠房及
plant and equipment 設備的虧損 – 5
Auditor’s remuneration (including the 核數師酬金（包括中國
fee for PRC subsidiaries) 附屬公司的費用）
– Audit service －核數服務 980 1,645
– Non-audit service －非核數服務 175 169
Donation 捐款 – 1,000
Contract cost recognised as an 確認為開支的
expense 合約成本 5,937 20,853
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183

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

15. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES

15. 董事、監事、主要行政人員及五名最高薪僱員

(a) Directors’, supervisors’ and chief executive’ s emoluments

(a) 董事、監事及主要行政人員的酬金

Directors’, supervisors’ and chief executive’s remuneration for the year, disclosed pursuant to the applicable Listing Rules and Hong Kong Companies Ordinance, is as follows:

年內根據適用上市規則及香港公司條例披露的董事、監事及主要行政人員的薪酬如下：

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Contributions
Salaries and to retirement
Fees allowances benefits schemes Total
袍金薪金及津貼退休福利計劃供款總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
For the year ended 31 December 截至 2020 年 12 月 31 日
2020 止年度
Executive directors 執行董事
Zhang Jing Ming (Chairman) 張敬明（主席） 100 276 15 391
Chau Ting Yan 周霆欣 120 – – 120
Leng Xiao Rong 冷小榮 100 191 13 304
Sub-total 小計 320 467 28 815
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The executive directors’ emoluments shown above were for their services in connection with the management of the affairs of the Company and the Group. 上文所示執行董事酬金用作支付彼等就本公司及本集團的事務管理所提供的服務。


30	–	–	30
30	–	–	30

60	–	–	60

The non-executive directors’ emoluments shown above were for their services as directors of the Company. 上文所示非執行董事酬金用作支付彼等擔任本公司董事所提供的服務。

184

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

15. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

15. 董事、監事、主要行政人員及五名最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’ s emoluments (Continued)

(a) 董事、監事及主要行政人員的酬金（續）

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Contributions
Salaries and to retirement
Fees allowances benefits schemes Total
退休福利
袍金薪金及津貼計劃供款總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Independent non-executive directors 獨立非執行董事
Chan Ming Sun Jonathan (Note iii) 陳銘燊（附註iii） 104 – – 104
Guo Lu Jin 郭魯晉 120 – – 120
Gao Hong Hong 高紅紅 60 – – 60
Luo Zhuo Qiang (Note iv) 羅卓強（附註iv） 16 – – 16
300 – – 300
Sub-total 小計 680 467 28 1,175
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The independent non-executive directors’ emoluments shown above were for their services as directors of the Company. 上文所示獨立非執行董事酬金用作支付彼等擔任本公司董事所提供的服務。


–	306	25	331


10	102	6	118
10	–	–	10
15	–	–	15
10	–	–	10
10	–	–	10

55	102	6	163

735	875	59	1,669

185

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

15. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

15. 董事、監事、主要行政人員及五名最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’ s emoluments (Continued)

(a) 董事、監事及主要行政人員的酬金（續）

		Fees	Salaries and allowances	Contributions to retirement benefits schemes	Total
		袍金	薪金及津貼	退休福利計劃供款	總計
		RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元

For the year ended 31 December 2019 Executive directors Zhang Jing Ming_(Chairman) Deng Xiao Gang(Note i) Chau Ting Yan(Note ii)_ Leng Xiao Rong Sub-total	截至2019年12月31日止年度執行董事張敬明（主席）鄧曉綱（附註i）周霆欣（附註ii）冷小榮小計	100 14 99 100	260 – – 191	15 4 – 18	375 18 99 309 801
		313	451	37

Non-executive directors 非執行董事 Yin Zong Chen 尹宗臣 Ye Zhi E 葉智鍔 Sub-total 小計	30 – – 30 30 – – 30
	60 – – 60

The non-executive directors’ emoluments shown above were for their services as directors of the Company. 上文所示非執行董事酬金用作支付彼等擔任本公司董事所提供的服務。

186

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

15. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

15. 董事、監事、主要行政人員及五名最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’ s emoluments (Continued)

(a) 董事、監事及主要行政人員的酬金（續）

	Fees Salaries and allowances Contributions to retirement benefits schemes Total
	袍金薪金及津貼退休福利計劃供款總計
	RMB’000 RMB’000 RMB’000 RMB’000
	人民幣千元人民幣千元人民幣千元人民幣千元

Independent non-executive directors 獨立非執行董事 Chan Ming Sun Jonathan 陳銘燊 Guo Lu Jin 郭魯晉 Gao Hong Hong 高紅紅 Sub-total 小計	120 – – 120 120 – – 120 60 – – 60 300 – – 300 673 451 37 1,161

Chief executive officer 行政總裁 Huang Chunfeng_(Note ii)_ 黃春鋒（附註ii） Supervisors 監事 Fang Wei Ran 方偉然 Huang Yong Jing 黃永菁 Wang Xing Ye 王興業 Zhang Yun Feng 張運峰 Chen Jun Feng 陳俊峰 Sub-total 小計 Total 總計	– 260 13 273
	10 99 10 119 10 59 8 77 15 – – 15 10 – – 10 10 – – 10
	55 158 18 231
	728 869 68 1,665

There was no arrangement under which a director or the chief executives waived or agreed to waive any remuneration during the years ended 31 December 2020 and 2019. No emoluments have been paid to the directors or chief executives as an inducement to join or upon joining the Group or as compensation for loss of office during the years ended 31 December 2020 and 2019.

截至2020年及2019年12月31 日止年度，並無董事或主要行政人員放棄或同意放棄任何酬金的安排。截至2020年及2019 年12月31日止年度，概無向董事或主要行政人員支付任何酬金，作為加入本集團或加入本集團後的獎勵或作為離職補償。

Notes:

i Resigned on 4 March 2019 ii Appointed on 4 March 2019 iii Resigned on 12 November 2020 iv Appointed on 12 November 2020

附註：

i 於2019年3月4日辭任 ii 於2019年3月4日獲委任 iii 於2020年11月12日辭任 iv 於2020年11月12日獲委任

187

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

15. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

15. 董事、監事、主要行政人員及五名最高薪僱員（續）

(b) Five highest paid employees

(b) 五名最高薪僱員

The five highest paid employees of the Group during the year include two directors and one chief executive officer (2019: two directors and one chief executive officer), details of whose emoluments are set out in Note 15(a) above. Details of the remuneration for the year of the remaining two (2019: two) highest paid employee who are neither a director, supervisors nor chief executive of the Company are as follows:

年內本集團五名最高薪僱員包括兩名董事及一名行政總裁（2019年：兩名董事及一名行政總裁），有關彼等酬金詳情載於上文附註15(a)。年內，餘下兩名（2019年：兩名）非本公司董事、監事或主要行政人員的最高薪僱員的薪酬詳情如下：

	2020	2019
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Salaries and allowances 薪金及津貼 Contributions to retirement benefits schemes 退休福利計劃供款 Their emoluments were within the following bands:
	707
	31

	738
	Number of employees
	僱員人數
	2020	2019

Nil to RMB1,000,000 零至人民幣100,000元 During the years ended 31 December 2020 and 2019, no emoluments were paid by the Group to the Directors, supervisors, chief executive officer or any of the two highest paid employees as an inducement to join, or upon joining the Group, or as compensation for loss of office. None of the Directors, supervisors, chief executive officer and the two highest paid employees has waived or agreed to waive any emoluments during each of the years ended 31 December 2020 and 2019. Apart from the Directors, chief executive officer and supervisors, the Group has not classified any other person as chief executives during the years ended 31 December 2020 and 2019.
	2

188

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

16. LOSS PER SHARE

16. 每股虧損

For continuing operations

來自持續經營業務

The calculation of the basic and diluted loss per share attributable to the owners of the Company is based on the following data:

本公司擁有人應佔每股基本及攤薄虧損乃按以下數據計算：

Loss figures are calculated as follows:

虧損數字計算如下：

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
(Restated)
經重列
Loss for the year attributable to owners 本公司擁有人應佔
of the Company 年內虧損 (39,681) (89,049)
Less: Loss for the year from 減：來自已終止經營業務之
discontinued operations 年內虧損 (5,665) (3,449)
Loss for the purpose of basic and diluted 就每股基本及攤薄虧損而言
loss per share from continuing operations 來自持續經營業務之虧損 (34,016) (85,600)
2020 2019
’000 ’000
千股千股
Number of shares 股份數目
Weighted average number of ordinary 就每股基本及攤薄虧損
shares for the purpose of basic and 而言的普通股
diluted loss per share 加權平均數 1,469,376 1,469,376
From continuing and discontinued operations 來自持續經營及已終止經營業務
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The calculation of the basic and diluted loss per share from 本公司擁有人應佔持續經營及已終止 continuing and discontinued operations attributable to the 經營業務的每股基本及攤薄虧損乃按 owners of the Company is based on the following data: 以下數據計算： 2020 2019 RMB’000 RMB’000 人民幣千元人民幣千元 Loss for the year attributable to owners of 就每股基本及攤薄虧損 the Company for the purpose of basic 而言本公司擁有人 and diluted loss per share 應佔年內虧損 (39,681) (89,049) The denominators used are the same as those detailed 所用分母與上文每股基本及攤薄虧損 above for basic and diluted loss per share. 所詳列之分母相同

189

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

16. LOSS PER SHARE (Continued)

16. 每股虧損（續）

From discontinued operations

來自已終止經營業務

Basic and diluted loss per share for the discontinued operations is RMB0.39 cents per share (2019: RMB0.23 cents per share), based on the loss for the year from the discontinued operations of approximately RMB5,665,000 (2019: RMB3,449,000) and the denominators detailed above for both basic and diluted loss per share.

已終止經營業務的每股基本及攤薄虧損為每股人民幣0.39分（2019年：每股人民幣0.23分），按已終止經營業務之年內虧損約人民幣5,665,000元（2019 年：人民幣3,449,000元）及上文每股基本及攤薄虧損所詳列之分母計算。

No diluted loss per share for both 2020 and 2019 were presented as there were no potential ordinary shares in issue for both 2020 and 2019.

由於 2020 年及2019 年均無潛在已發行普通股，故並無呈列該兩個年度之每股攤薄虧損。

17. DIVIDENDS

17. 股息

No dividend was paid or proposed for ordinary shareholders of the Company during the year ended 31 December 2020, nor has any dividend been proposed since the end of the reporting period (2019: Nil).

截至2020年12月31日止年度，不派發或不建議派發任何股息予本公司普通股股東，而自報告期末以來亦無建議派發任何股息（2019 年：無）。

190

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

18. PROPERTY, PLANT AND EQUIPMENT

18. 物業、廠房及設備

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Furniture,
fixtures
Leasehold and office Motor Construction
improvement equipment vehicles in progress Total
傢俬、裝置及
租賃裝修辦公室設備汽車在建工程總計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
COST 成本
At 1 January 2019 於2019年1月1日 158 296 1,459 48,581 50,494
Acquired on acquisition of 收購一間附屬公司時
a subsidiary (Note 35(b)(i)) 獲得（附註35(b)(i)） 20 127 – – 147
Reclassified as held for sale 重新分類為持作銷售
– –
(Note 13(c)) （附註13(c)） (20) (127) (147)
Exchange adjustments 匯兌調整 3 2 – – 5
Written-off 撇銷 – (105) – – (105)
At 31 December 2019 於2019年12月31日 161 193 1,459 48,581 50,394
Written-off on deregistration of a 於註銷後撇銷一間
– – –
subsidiary 附屬公司 (5) (5)
Reclassified as held for sale 重新分類為持作銷售
– – –
(Note 13(a)) （附註13(a)） (1,309) (1,309)
– –
Exchange adjustments 匯兌調整 (10) (7) (17)
At 31 December 2020 於 2020 年 12 月 31 日 151 181 150 48,581 49,063
ACCUMULATED DEPRECIATION 累計折舊及
AND ACCUMULATED 累計減值
IMPAIRMENT
At 1 January 2019 於2019年1月1日 25 167 685 – 877
Provided for the year 年內撥備 95 46 131 – 272
Reclassified as held 重新分類為持作銷售
for sale (Note 13(c)) （附註13(c)） (56) (10) – – (66)
Written-off 撇銷 – (100) – – (100)
At 31 December 2019 於2019年12月31日 64 103 816 – 983
Provided for the year 年內撥備 32 33 131 – 196
Impairment loss recognised 於損益內確認的減值
– – –
in profit or loss 虧損 36,380 36,380
Written-off on deregistration of a 於註銷後撇銷一間
– – –
subsidiary 附屬公司 (1) (1)
Reclassified as held 重新分類為持作銷售
for sale (Note 13(a)) （附註13(a)） – – (797) – (797)
– –
Exchange adjustment 匯兌調整 (2) (3) (5)
At 31 December 2020 於 2020 年 12 月 31 日 94 132 150 36,380 36,756
CARRYING VALUES 賬面值
At 31 December 2020 於 2020 年 12 月 31 日 57 49 – 12,201 12,307
At 31 December 2019 於2019年12月31日 97 90 643 48,581 49,411
Note: During the year ended 31 December 2019, approximately 附註：截至2019年12月31日止年度，折舊
RMB2,000 has been capitalised in contract costs in the 撥備中約人民幣2,000元於綜合財務
consolidated statement of financial position, as these 狀況表中合約成本項下資本化，原因
furniture, fixtures and office equipment and motor vehicles 是該等傢俬、裝置及辦公室設備以及
are used at the construction site. 汽車乃於施工現場使用。
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191

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

18. PROPERTY, PLANT AND EQUIPMENT (Continued)

18. 物業、廠房及設備（續）

The above item of property, plant and equipment are depreciated on a straight-line basis at the following rates per annum:

以上物業、廠房及設備項目乃以直線法按下列年利率計提折舊：

Leasehold improvement	Over the shorter of the
	lease term or 25%
Furniture, fixtures and	8–20%
office equipment
Motor vehicles	8–20%

租賃裝修	按租期或25%
	（以較短者為準）
傢俬、裝置及	8–20%
辦公室設備
汽車	8–20%

Impairment assessment

減值評估

As at 31 December 2020, as a way to reallocate resources to develop the project invested by Shennongjia Da Jiu Hu Hotel Company Limited (“ Shennongjia ”), the Group decided not to make further investment into Guangdong Xinmao Biotechnology Company Limited (“ Guangdong Xinmao ”) and Chaozhou Jiafu Packaging Materials Company Limited (“ Chaozhou Jiafu* ”), being non-wholly owned subsidiaries of the Company and is exploring ways to realise their investments in Guangdong Xinmao and Chaozhou Jiafu.

於2020年12月31日，為重新分配資源以發展神農架大九湖賓館有限公司（「神農架」）所投資的項目，本集團決定不再進一步投資廣東鑫茂生物科技有限公司（「廣東鑫茂」）和潮州佳富包裝材料有限公司（「潮州佳富」）（即本公司的一間非全資附屬公司），並正在探索如何對其於廣東鑫茂及潮州佳富的投資予以變現。

Guangdong Xinmao and Chaozhou Jiafu held a construction site located in Chaozhou. As at 31 December 2020, Guangdong Xinmao and Chaozhou Jiafu have not commenced its business or operation and are still in progress of construction of plants.

廣東鑫茂及潮州佳富持有一個位於潮州的建築地盤。於2020年12月31日，廣東鑫茂及潮州佳富尚未展開其業務或營運，並仍在建造廠房中。

The management of the Group concluded that there was indication of impairment and conducted impairment assessment on construction in progress (the “ CIP ”) and right-of-use assets, the leasehold land where the CIP located, with carrying amounts of approximately RMB48,581,000 and RMB14,631,000 respectively. The recoverable amount of the CIP and right-of-use assets are estimated individually.

本集團管理層認為存在減值跡象，並對賬面金額分別約為人民幣 48,581,000元和人民幣14,631,000元的在建工程（「在建工程」）及使用權資產，即在建工程所在的租賃土地進行了減值評估。對在建工程及使用權資產的可回收金額分開進行了個別評估。

The recoverable amount of the CIP was determined based on fair value less cost of disposal. The fair value of the CIP, was determined by reference to valuation carried out by Graval Consulting Limited, an independent qualified professional valuer, based on level 2 hierarchy, a discount of 75% is used based on the consideration of the period of abandon of the CIP.

在建工程的可回收金額乃按公允價值減出售費用釐定。在建工程的公允價值乃參考獨立合資格專業估價師博浩企業顧問有限公司所做估值，基於第二層級計量，並基於在建工程放棄期採用貼現率75%，予以釐定。

The recoverable amount of CIP is approximately RMB12,201,000 at 31 December 2020.

於2020年12月31日，在建工程的可回收金額約為人民幣12,201,000元。

Based on the result of the assessment, management of the Group determined that the recoverable amount of the CIP is lower than the carrying amount. An impairment loss with approximately RMB36,380,000 was recognised for the year ended 31 December 2020.

For identification purpose only

根據評估結果，本集團管理層釐定在建工程的可收回金額低於賬面價值。已就截至2020年12月31日止年度確認減值虧損約人民幣36,380,000元。

僅供識別

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

19. RIGHT-OF-USE ASSETS

19. 使用權資產

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----- Start of picture text -----

Leasehold Leased
lands properties Total
租賃土地租賃物業總計
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
As at 31 December 2020 於 2020 年 12 月 31 日
Carrying amount 賬面值 14,631 472 15,103
As at 31 December 2019 於2019年12月31日
Carrying amount 賬面值 14,959 875 15,834
For the year ended 截至 2020 年 12 月 31 日
31 December 2020 止年度
Depreciation charge 折舊開支 328 1,105 1,433
–
Exchange difference 匯兌差額 (131) (131)
For the year ended 截至2019年12月31日
31 December 2019 止年度
Depreciation charge 折舊開支 491 1,029 1,520
2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Expense relating to short-term leases 與短期租賃相關的開支 158 184
Total cash outflow for leases 租賃之現金流出總額 957 7,573
Additions to right-of-use assets 使用權資產添置 571 6,493
Reclassified as held for sale (Note 13(c)) 重新分類為
持作銷售（附註13（c）） – (43)
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For both years, the Group leases various offices for its operations. Lease contracts are entered into for fixed term of 1 year and 3 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In determining the lease term and assessing the length of the non-cancelled period, the Group applies the definition of a contract and determines the period for which the contract is enforceable.

就該兩個年度，本集團租賃多個辦公室用於營運。租賃合約以固定租期1年及3年訂立。租賃條款乃按個別基準磋商，包含各種不同條款及條件。於釐定租期及評估不可撤銷期間的長度時，本集團應用合約的定義並釐定合約可強制執行的期間。

The leasehold lands with carrying amount of approximately RMB14,631,000 (2019: RMB14,959,000) in which the Group is in the process of obtaining the land use right certificates.

本集團正在取得土地使用權證的租賃土地賬面值為約人民幣14,631,000元（2019年：人民幣14,959,000元）。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

19. RIGHT-OF-USE ASSETS (Continued)

19. 使用權資產（續）

The Group regularly entered into short-term leases for offices. As at 31 December 2020 and 2019, the portfolio of short-term leases is similar to the portfolio of short-term leases to which the short-term lease expense disclosed above.

本集團定期就辦公室訂立短期租約。於2020年及2019年12月31日，短期租賃組合與上文披露短期租賃開支的短期租賃組合相似。

As detailed in Note 18, the management of the Group conducted impairment assessment on the CIP and right-ofuse assets, the leasehold land where the CIP located, held by Guangdong Xinmao and Chaozhou Jiafu.

如附註18所詳述，本集團管理層對廣東鑫茂和潮州佳富持有的在建工程及使用權資產（即在建工程所在的租賃土地）進行了減值評估。

The recoverable amount of right-of-use assets was determined based on fair value less cost of sell. The rightof-use assets were measured at fair value based on Level 2 hierarchy using direct comparison method. Discount rate of 1.51% and 1.31% are adopted to the land use rights held by Guangdong Xinmao and Chaozhou Jiafu respectively.

使用權資產的可收回金額基於公允價值減出售成本釐定。使用權資產採用直接比較法基於第二層級按公允價值計量。分別為廣東鑫茂及潮州佳富所持土地使用權採用貼現率1.51%及 1.31%。

The recoverable amount of the right-of-use assets is

approximately RMB15,400,000 at 31 December 2020.

於2020年12月31日，使用權資產的可回收金額約為人民幣15,400,000元。

The carrying amount of the right-of-use assets has not been reduced since the amount of fair value less cost of disposal of the right-of-use assets is higher than the carrying amount i.e. approximately RMB14,631,000.

由於使用權資產的公允價值減去出售費用後的金額高於其賬面價值，因此未減少其賬面價值，即約人民幣 14,631,000元。

Rent concessions

租金寬減

During the year ended 31 December 2020, lessors of offices provided rent concessions to the Group through rent reductions ranging from 17% to 18% over 7 to 9 months.

截至2020年12月31日止年度，辦公室出租人在7至9個月內減少17%至18% 的租金，向本集團提供租金寬減。

These rent concessions occurred as a direct consequence of Covid-19 pandemic and met of all of the conditions in HKFRS 16.46B, and the Group applied the practical expedient not to assess whether the changes constitute lease modifications. The effects on changes in lease payments due to forgiveness or waiver by the lessors for the relevant leases of approximately RMB145,000 were recognised as negative variable lease payments.

該等租金寬減為2019冠狀病毒病疫情直接所致，並符合香港財務報告準則第16號第46B段所列之所有條件，本集團已應用可行權宜方法，不評估該變動是否屬租賃修改。由於出租人就相關租賃作出寬免或豁免而導致的租賃付款變動影響約為人民幣145,000 元，已確認為負可變租賃付款。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

20. INVESTMENT PROPERTIES

20. 投資物業

The Group leases out retail store under operating lease with rental payable monthly. The lease typically run for an initial period of 3 years (2019: 3 years). The lease contains a minimum annual lease payment that are fixed and increased by 5% annually.

本集團根據經營租賃出租零售商店，租金須每月支付。租賃一般初始為期 3年（2019年：3年）。租賃包含固定的最低年度租賃付款，並每年增加5%。

The Group is not exposed to foreign currency risk as a result of the lease arrangements, as all leases are denominated in the respective functional currencies of group entities. The lease contracts do not contain residual value guarantee and/or lessee’s option to purchase the property at the end of lease term.

由於所有租賃均按集團實體各自的功能貨幣計值，故本集團不會因租賃安排而承受外幣風險。租賃合約於租期結束時不包含餘值擔保及╱或承租人購買物業的選擇權。

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RMB’000
人民幣千元
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Fair value
公允價值
At 1 January 2019
於2019年1月1日
Acquired on an acquisition of a subsidiary
(Note 35(b)(ii))
收購一間附屬公司時獲得
（附註35(b)(ii)）
Net decrease in fair value recognised
in profit or loss
於損益內確認的公允價值
減少淨額
At 31 December 2019
於2019年12月31日
Acquired on an acquisition of
subsidiaries_(Note 35(a))_
收購附屬公司時獲得
（附註35(a)）
Net decrease in fair value recognised
in profit or loss
於損益內確認的公允價值
減少淨額
At 31 December 2020
於2020年12月31日
Unrealised loss on property revaluation
included in loss from changes in
fair value of investment properties
計入投資物業公平值變動虧損的物業重估
未變現虧損

–
20,130
(730)
19,400
138,328
(428)
157,300
(428)

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

20. INVESTMENT PROPERTIES (Continued)

20. 投資物業（續）

As at 31 December 2020, the Real Estate Ownership Certificates of Properties III (as defined and detailed in Notes 24(c) and 35(a)) with carry amount of approximately RMB138,800,000 has not been obtained as the outstanding considerations of approximately RMB54,465,000 have not yet been settled (Note 33(b)).

於2020年12月31日，鑑於尚有代價約人民幣 54,465,000 元尚未償清（附註33(b)），故尚未取得物業III之不動產產權證（定義及詳情見附註 24(c) 及附註35（a）），賬面值約為人民幣 138,800,000元。

The Group engaged an independent PRC lawyer to assess the ownership of Properties III. In considering that the Group has the right to use, lease and transfer the Properties III, the Group is the beneficial owner of Properties III.

本集團委聘一家獨立中國律師評估物業III的所有權。計及本集團有權使用、租賃和轉讓物業III，因此本集團為物業 III的實益擁有人。

The fair value of the Group’s investment properties as at 31 December 2020 and 31 December 2019 has been arrived at on the basis of a valuation carried out on the respective date by Graval Consulting Limited (2019: Grant Sherman Appraisal Limited), an independent qualified professional valuer not connected to the Group.

本集團投資物業於2020年12月31日及 2019年12月31日的公允價值乃按與本集團並無關連的獨立合資格專業估值師博浩企業顧問有限公司（2019年：中證評估有限公司）於各自日期進行的估值釐定。

In determining the fair value of the relevant properties, the Directors determine the appropriate valuation techniques and inputs for fair value measurements. The Directors work closely with the qualified external valuer to establish the appropriate valuation techniques and inputs to the model.

於釐定相關物業的公允價值時，董事確定適合公允價值計量的估值技術及輸入數據。董事與合資格外聘估值師緊密合作，以建立合適的估值技術及模型輸入數據。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

20. INVESTMENT PROPERTIES (Continued)

20. 投資物業（續）

In estimating the fair value of the properties, the highest and best use of the properties is their current use.

於估計該等物業的公允價值時，物業之最高及最佳用途為其目前用途。

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----- Start of picture text -----

Valuation Significant Relationship of unobservable
technique unobservable input inputs to fair value
不可觀察輸入數據與公允價值的
估值技術重大不可觀察輸入數據關係
----- End of picture text -----

Commercial property units	Investment approach	Term yield, taking into account	The higher the term yield, the
located in Guangzhou	投資法	of yield generated by market	lower the fair value.
2020: RMB18,500,000		average selling price and the	年期收益率越高，公允價值則越
(2019: RMB19,400,000)		market average rental from	低。
位於廣州的商業物業單位		comparable properties and
2020年：		adjustment to reflect the
人民幣18,500,000元		conditions of the building of
（2019年：		3.3% (2019: 3.3%)
人民幣19,400,000元）		年期收益率為3.3%（2019年：
		3.3%），經考慮可資比較物業
		的市場平均售價及市場平均
		租金產生的收益率並作出調
		整以反映樓宇狀況
		Reversionary yield, taking into	The higher the reversionary yield,
		account of yield generated by	the lower the fair value.
		market average selling price	復歸收益率越高，公允價值越
		an the market average rental	低。
		from comparable properties
		and adjustment to reflect the
		risk associated with the future
		rental of 3.8% (2019: 3.8%)
		復歸收益率為3.8%（2019年：
		3.8%），經考慮可資比較物業
		之市場平均售價及市場平均
		租金產生之收益率並作出調
		整以反映未來租金之相關風
		險
Office unit located in Beijing	Direct comparison	Market unit rate, taking	A significant increase in the
2020: RMB138,800,000	直接比較法	into account the recent	market unit rate used would
(2019: Nil)		t r a n s a c t i o n p r i c e s f o r	result in a significant increase
位於北京的寫字樓單位		similar properties adjusted	in fair value, and vice versa.
2020年：		for nature, location and	所採用的市場單價大幅上升將導
人民幣138,800,000元		conditions of the properties,	致公允價值顯著增加，反之亦
（2019年：無）		w h i c h r a n g e d f r o m	然。
		RMB24,420 to RMB27,030
		per sq.m.
		經計及同類物業近期交易價格
		（已就物業性質、地段及狀況
		作出調整）的市場單價介於每
		平方米人民幣24,420元至人
		民幣27,030元

There were no transfers into or out of Level 3 during the year.

於年內，並無轉入或轉出第三級。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

21. GOODWILL

21. 商譽

	Acquisition of Zhongfong Chaozhou Acquisition of Chung Hwa Finance Total
	收購中房潮州收購中華信貸總計
	RMB’000 RMB’000 RMB’000
	人民幣千元人民幣千元人民幣千元
	Note (a)) (Note (b))
	（附註(a)）（附註(b)）

COST 成本 At 1 January 2019 and 31 December 2019 於2019年1月1日及 2019年12月31日 Reclassified as held for sale 重新分類為持作銷售 At 31 December 2020 於2020年12月31日 ACCUMULATED IMPAIRMENT 累計減值 At 1 January 2019 and 31 December 2019 於2019年1月1日及 2019年12月31日 Reclassified as held for sale 重新分類為持作銷售 At 31 December 2020 於2020年12月31日 CARRYING VALUES 賬面值 At 31 December 2020 於2020年12月31日 At 31 December 2019 於2019年12月31日	44,459 1,320 45,779 – (1,320) (1,320) 44,459 – 44,459 44,459 1,320 45,779 – (1,320) (1,320) 44,459 – 44,459 – – – – – –

Impairment test on goodwill

商譽減值測試

For the purposes of impairment testing, goodwill with indefinite useful lives set out above have been allocated to two cash-generating units (“ CGU ”), comprising one subsidiary engaged in the construction of infrastructure and development properties segment and one subsidiary engaged in the credit business segment.

就減值測試而言，如上文所述具有無限可使用年期的商譽已分配至兩個現金產生單位（「現金產生單位」），包括一間從事基礎設施建設及物業發展分部的附屬公司以及一間從事信貸業務的附屬公司。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

21. GOODWILL (Continued)

21. 商譽（續）

Notes :

附註：

**(a) Construction of infrastructure and development of properties – Zhongfong Chaozhou Investment Development Company Limited* (“Zhongfong Chaozhou”) (“Unit A”)**

(a) 基礎設施建設及物業發展－中房潮州投資開發有限公司（「中房潮州」）
（「 A 單位」）

The principal activity of the Unit A is the land development project in Chaozhou (the “Project”). The Project cover three construction phases (i.e. phase l, phase II and phase III).

During the year ended 31 December 2017, the profitability of Unit A was adversely affected due to the following factors: (1) there are no acceptance of completion of the constructed land during the year; (2) the trade receivables are long outstanding and the settlement is slow; and (3) country government has yet to be entered the procedures of bidding of phase II and phase III of the Project, the timetable for construction of phase II and phase III of the Project cannot be determined and the Group was uncertain on the timing of acceptance schedule of the remaining land area of 624 acres of the Project which is far beyond the original timeframe.

A單位之主要業務為於潮州進行土地開發項目（「項目」）。項目分三期建設（即一期、二期及三期）。

截至2017年12月31日止年度，由於： (1)於年內並無接獲已建設土地完成； (2)應收賬款長期尚未償還及結算進度緩慢；及(3)國家政府尚未進入項目二期及三期的招標程序，故無法釐定建築項目二期及三期的時間表且本集團不確定項目餘下土地面積624畝之驗收時間表之時間（其遠超原定時間表），A單位的盈利能力受到不利影響。

Under these circumstances, the Directors decided to fully impair the goodwill arose from the acquisition of Unit A during the year ended 31 December 2017.

在此等情況下，董事決定就收購A單位產生之商譽於截至2017年12月31 日止年度作出悉數減值。

(b) Credit business – Chung Hwa Finance (“Unit B”)

The principal activity of the Unit B is provision of credit business with the money lender license in Hong Kong.

(b) 信貸業務－中華信貸（「 B 單位」） B單位之主要業務為於香港提供信貸業務，並持有放債人牌照。

During the year ended 31 December 2018, the Company had determined not to renew the money lender license in Hong Kong and scale down the credit business upon the expiration of the money lender license on 12 September 2018. Under this circumstance, the Directors decided to fully impair the goodwill arose from the acquisition of Unit B during the year ended 31 December 2018.

截至2018年12月31日止年度，本公司決定不重續香港的放債人牌照，並於2018年9月12日放債人牌照屆滿後縮減信貸業務。在此情況下，董事決定就收購B單位產生的商譽於截至 2018年12月31日止年度作出悉數減值。

As disclosed in Note 13(a), as at 31 December 2020, Chung Hwa Finance is expected to be sold within twelve months, goodwill with carrying amount of RMB Nil attributable to Chung Hwa Finance is reclassified as assets classified as held for sale.

如附註13(a)所披露，中華信貸預期將於十二個月內出售，中華信貸應佔賬面值人民幣零元之商譽重新分類為於截至2020年12月31日止年度之持作銷售資產。

For identification purpose only.
僅供識別。

199

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

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----- Start of picture text -----

22. INTEREST IN ASSOCIATES 22. 於聯營公司的權益
2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Cost of investment 投資成本 – 238,549
Share of post-acquisition loss and 分佔收購後虧損及
–
other comprehensive expenses 其他全面開支 (7,366)
–
231,183
Reclassification as assets classified 重新分類為持作銷售之
as held for sale (Note 13(c)) 資產（附註13(c)） – (231,183)
– –
----- End of picture text -----

Details of the Group’s associates at the end of the reporting period are as follow:

本集團於報告期末的聯營公司的詳情如下：

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----- Start of picture text -----

Proportion of Proportion of
Country of Principal place ownership interest voting rights held
Name of entity registration of business held by the Group by the Group Principal activities
本集團持有本集團持有
實體名稱登記國家主要營業地點擁有權權益比例投票權比例主要業務
2020 2019 2020 2019
Shishi Shen Guo Tou Commercial PRC PRC – – – – Operation of commercial
Property Company Limited complex
(“ Shishi Shen Guo Tou ”) (Note a)
石獅深國投商用置業有限公司中國中國營運商業綜合大廈
（「石獅深國投（附註」 a）
Zhong De Logistics (Note b) PRC PRC – 30% – 30% Domestic logistics, freight
forwarding, warehousing
and distribution services
眾德物流（附註b）中國中國國內物流、貨運代理、
倉儲及分銷服務
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200

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

22. INTEREST IN ASSOCIATES (Continued)

22. 於聯營公司的權益（續）

Notes:

附註:

(a) On 1 April 2019, Shenzhen Shen He, an indirect whollyowned subsidiary of the Company, entered into a disposal agreement with an independent third party (the “ Purchaser IV ”), whereby Purchaser IV has conditionally agreed to purchase and Shenzhen Shen He has conditionally agreed to sell the entire equity interests of Shenzhen Zhonghe Chuangjian Investment Development Company Limited (“ Shenzhen Zhonghe ”) which holds 30% equity interests in Shishi Shen Guo Tou to Purchase IV at a consideration of RMB13,200,000. The disposal has been completed on 30 April 2019. Details of the disposal are disclosed in Note 36(b).
- (a) 於2019年4月1日，本公司間接全資附屬公司深圳沈和與獨立第三方（「買方 IV 」）訂立出售協議，據此，買方IV 有條件同意購買，而深圳沈和有條件同意出售於石獅深國投持有30%股權的深圳市眾合創建投資發展有限公司
- （「深圳眾合」的全部股權予買方IV，代價為人民幣13,200,000元。出售事項已於2019年4月30日完成。出售事項的詳情於附註36(b)披露。
(b) On 22 January 2019, Shenzhen Shenxi completed the acquisition of 66.67% equity interest in SHHH Development. SHHH Development held 30% equity interest in Zhong De Logistic, which was classified as interest in an associate. Details of the acquisition are disclosed in Note 35(b)(i).
At disclosed in Note 13(c), as at 31 December 2019, SHHH Development was expected to be sold within twelve months, therefore, assets and liabilities including the interest in Zhong De Logistic was reclassified as held for sales. The disposal has been completed on 15 November 2020. Details of the disposal are disclosed in Note 36(a).
(b) 2019年1月22日，深圳沈璽完成收購深圳合輝煌發展66.67%股權。深圳合輝煌發展持有眾德物流30%股權，其被分類為於一間聯營公司之權益。收購事項的詳情於附註35(b) (i)中披露。

如附註13(c)所披露，於2019年12月 31日，由於預期深圳合輝煌發展將在十二個月內出售，因此資產及負債（包括於眾德物流中的權益）重新分類為持作銷售。該出售事項已於2020年 11月15日完成。出售事項的詳情於附註36(a)披露。

Summarised financial information of associates

聯營公司的財務資料概要

Summarised financial information in respect of the Group’s associates is set out below. The summarised financial information below represents amounts shown in the associates’ financial statements prepared in accordance with HKFRSs.

本集團聯營公司的財務資料概要載列如下。以下財務資料概要指聯營公司根據香港財務報告準則編製的財務報表所示的金額。

The associates are accounted for using the equity method in these consolidated financial statements.

聯營公司以權益法於該等綜合財務報表入賬。

201

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

22. INTEREST IN ASSOCIATES (Continued)

22. 於聯營公司的權益（續）

Summarised financial information of associates

聯營公司的財務資料概要（續）

(Continued)

Shishi Shen Guo Tou

石獅深國投

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----- Start of picture text -----

2019
RMB’000
人民幣千元
----- End of picture text -----*

Revenue	收益			3,044
Loss for the year	年內虧損			(3,943)
Other comprehensive income for the year	年內其他全面收入			–
Total comprehensive expense for the year	年內全面開支總額			(3,943)
Dividends received from the associate	年內自聯營公司收取的
during the year	股息			–
* From 1 January 2019 to 30 April 2019 (date of disposal)		附註：	自2019年1月1日起至2019年4月30日
			（出售日期）止

Zhong De Logistics

眾德物流

		2019
		RMB’000
		人民幣千元

Current assets Non-current assets Current liabilities Non-current liabilities	流動資產非流動資產流動負債非流動負債	5,319 1,645,223 (879,933) –

202

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

22. INTEREST IN ASSOCIATES (Continued)

22. 於聯營公司的權益（續）

Summarised financial information of associates

聯營公司的財務資料概要（續）

(Continued)

Zhong De Logistics (Continued)

眾德物流（續）

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----- Start of picture text -----

2019
RMB’000
人民幣千元
----- End of picture text -----*

Revenue 收益			–
Loss for the year 年內虧損			(24,553)
Other comprehensive income for the year 年內其他全面收入			–
Total comprehensive expense for the year 年內全面開支總額			(24,553)
Dividends received from 年內自聯營公司收取的
the associate during the year 股息			–
* From 22 January 2019 (date of acquisition) to 31 December	*	自2019年1月22日（收購日期）起至
2019 (date of reclassified as assets classified as held for sale).		2019年12月31日（重新分類為持作銷
		售資產之日期）止。
Reconciliation of the above summarised financial	上述財務資料概要與於綜合財務報表
information to the carrying amount of the interest	確認於一間聯營公司權益的賬面值對
in associates recognised in the consolidated financial	賬：
statements:

		2019
		RMB’000
		人民幣千元

Net assets of Zhong De Logistics Proportion of the Group’s ownership interest in Zhong De Logistics Carrying amount of the Group’s interest in Zhong De Logistics	眾德物流資產淨值本集團於眾德物流的擁有權權益比例本集團於眾德物流之權益的賬面值	770,609 30% 231,183

203

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

23. EQUITY INSTRUMENT AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

23. 按公允價值計入其他全面收入的股本工具

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Unlisted investments: 非上市投資：
– equity securities (Note) －股本證券（附註） 34,883 52,743
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Note:

As at 31 December 2020, the unlisted equity investment represents 0.9% (2019: 1.38%) equity interest in a PRC private limited company which is principally engaged in banking business in the PRC. The Directors have elected to designate this investment at FVTOCI as it is the Group’s strategy to hold these investments for long-term purposes.

As at 31 December 2019, an aggregate of 21,310,344 shares, which represented approximately 0.81% equity interest in that PRC private limited company, has not been registered under the name of the Group by the relevant banking company due to the restriction on restructuring. The Directors are of the opinion that the Group has acquired the beneficial interest of the equity interest at the end of the reporting period, and the registration can be performed upon the relevant restriction released.

附註：

於2020年12月31日，非上市股本投資指一間主要於中國從事銀行業務的中國私人有限公司 0.9%（2019年1.38%）的股權。董事選擇將此投資指定為按公允價值計入其他全面收入計量，原因是本集團的策略是將該等投資持作長期投資。於2019年12月31日，由於重組限制，相關銀行公司尚未以本集團名義登記合共21,310,344 股股份，相當於該中國私人有限公司約0.81% 股權。董事認為本集團於報告期末已收購股權的實益權益，而有關登記可於相關限制獲解除後進行。

In the current year, the Group disposed of certain investments of approximately RMB17,912,000 and the related dividend receivable of approximately RMB564,000 at a consideration of approximately RMB18,476,000. As the COVID-19 pandemic continues to impact the global economy and financial markets, the Directors considered that the disposal allow the Group to strengthen its cash flow position. A cumulative loss on fair value change of approximately RMB18,984,000 has been transferred to accumulated losses upon disposal.

24. DEPOSITS PAID

本年度，本集團以約人民幣18,476,000元的代價出售若干投資約人民幣 17,912,000 元及相關應收股息約人民幣564,000元。由於 2019冠狀病毒病疫情持續影響全球經濟和金融市場，董事認為該出售可以強化本集團的現金流狀況。公允價值變動累計虧損約人民幣 18,984,000元已轉撥至出售累計虧損。

24. 支付的訂金

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Deposit paid for acquisition of: 為收購以下項目支付的訂金：
Properties I (defined in Note (a)) 物業（定義見附註I (a)） 149,100 147,100
Properties II (defined in Note (b)) 物業（定義見附註II (b)） 110,000 –
–
San He Jing Jiao (defined in Note (b)) 三河京郊（定義見附註(b)） 110,000
–
Target companies (defined in Note (c)) 目標公司（定義見附註(c)） 56,000
Shennongjia (defined in Note (d)) 神農架（定義見附註（d）） 35,000 –
294,100 313,100
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204

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. DEPOSITS PAID (Continued)

24. 所支付的訂金（續）

Notes:

附註：

(a) On 15 November 2016, Beijing Shen Shang Investment & Consulting Company Limited (“ Beijing Shen Shang ”), a wholly-owned subsidiary of the Company, entered into an acquisition agreement (the “ Properties Acquisition Agreement I”) with a vendor (the “ Vendor I ”), pursuant to which Vendor I agreed to sell, and Beijing Shen Shang agreed to acquire a commercial premise with the construction area of 2,800 square meters (with the right to use 5,000 square meters of car parks at the basement level two, being part of Phase 3 of the ancillary facility project of Beijing International Zone Convention Center to be constructed in Beijing Shunyi District Tianzhu Airport Commercial Zone (the “ Properties I* ”) at the cash consideration of RMB152,800,000. Details of the acquisition of the Properties I has been disclosed in the Company’s announcement dated 15 November 2016.
(a) 於2016年11月15日，北京瀋商投資諮詢有限公司（「北京瀋商」，本公司全資附屬公司）與賣方（「賣方 I 」）訂立收購協議（「物業收購協議 I 」），據此，賣方I同意出售及北京瀋商同意收購一項商用物業。物業為建築面積 2,800平方米並有權使用地下負二層 5,000平方米停車場之商用物業，即位於北京市順義區天竺空港商務區將興建的北京會展國際港展館配套設施項目3期的一部分（「物業 I 」），現金代價為人民幣152,800,000元。有關收購物業I的詳情於本公司日期為2016 年11月15日的公告中披露。

At 31 December 2020, the balance of RMB149,100,000 (2019: RMB147,100,000) represented a refundable deposit paid for the acquisition. The acquisition is expected to be completed on 30 June 2021.

於 2020 年 12 月 31 日，結餘人民幣 149,100,000 元（ 2019 年：人民幣 147,100,000元）指就收購事項已付可退回訂金。預期收購事項於2021年6 月30日完成。

Due to the pandemic of COVID-19 and lockdown during the year ended 31 December 2020, the Directors believed that there will be further delay in the completion of the construction of the Properties I and expect the acquisition will be completed on or before 30 June 2022. Therefore, the Directors concluded that there was indication of impairment and conducted impairment assessment on the deposit paid for acquisition of the Properties I.

鑒於截至2020年12月31日止年度期間的COVID-19疫情及封城措施，董事認為物業I竣工會進一步延遲，並預期收購將於2022年6月30日或之前完成。因此，董事認為存在減值跡象，並對收購物業I已付訂金進行減值評估。

The recoverable amount of the deposit paid for acquisition of the Properties I has been determined based on fair value less cost of disposal of the Properties I.

收購物業I的已付訂金的可收回金額已基於物業I的公允價值減去出售成本釐定。

The fair value of the Properties I was determined, by reference to the valuation carried out by Graval Consulting Limited, an independent qualified professional valuer, based on Level 2 hierarchy using market comparable approach that reflect market unit rate, taking into account the recent transaction prices for similar properties adjusted for nature location and conditions of the Properties I. One of the key observable inputs used in valuing the Properties I was the adjusted price per square metre, which is RMB54,500 sq.m. A slight increase in the adjusted price per square metre used would result in a significant increase in the fair value of the Properties I, and vice versa.

物業I的公允價值乃參考獨立合資格專業估價師博浩企業顧問有限公司所做估值，基於第二層級，採用反映市場單價的市場比較法釐定，經計及同類物業近期交易價格（已就物業性質、地段及狀況作出調整）。評估物業I所用的主要可觀察輸入數據之一乃每平方米經調整價格，即每平方米人民幣 54,500元。經調整每平方米價格的輕微增加將導致物業I的公允價值計量的大幅增加，反之亦然。

The carrying amount of the deposit paid for the acquisition of the Properties has not been reduced since the fair value less cost of disposal of the Properties I, i.e. RMB154,369,000, is higher than the carrying amount.

由於物業I的公允價值減去出售成本後的金額（即人民幣154,369,000元）高於賬面金額，因此收購物業所支付的訂金的賬面金額沒有減少。

The Directors believe that any reasonably possible change in any of the unobservable inputs would not cause the carrying amount to exceed the recoverable amount of the deposit paid for acquisition of the Properties I.

董事相信，不可觀察輸入數據可能發生之任何合理變化，均不會導致賬面金額超過為收購物業Ｉ所支付訂金之可回收金額。

205

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. DEPOSITS PAID (Continued)

24. 所支付的訂金（續）

Notes: (Continued)

附註：（續）

(b) On 9 February 2018 and 17 August 2018, Beijing Shen Shang and San He Jing Jiao Property Development Company Limited (the “ Vendor II ” or “ San He Jing Jiao ”) entered into a property acquisition agreement and a supplemental agreement (collectively referred to as the “ Properties Acquisition Agreements II ”) pursuant to which Vendor II has conditionally agreed to sell, and Beijing Shen Shang has conditionally agreed to acquire, the properties (the “ Properties II* ”) at the cash consideration of RMB110,000,000.
(b) 於2018年2月9日及2018年8月17日，北京瀋商與三河京郊房地產開發有限公司（「賣方 II 」或「三河京郊」）訂立物業收購協議及補充協議（合稱「物業收購協議 II 」），據此，賣方II有條件同意出售而北京瀋商有條件同意收購物業（「物業 II 」），現金代價為人民幣 110,000,000元。

The Properties II, comprises 11 shop units with a total gross floor area of approximately 3,168 sq.m. together with 60 car parking spaces on basement level of Phase 5 of Tian Zi Zhuang Yuan*, located at Yanjiao National High-Tech Industrial Development Area, Sanhe City, Hebei Province.

物業II包括位於河北省三河市燕郊國家高新技術產業開發區天子莊園五期的11個商舖單位，總建築面積約為 3,168平方米，連同60個地庫停車位。

On 18 March 2019, Vendor II and Beijing Shen Shang entered into a compensation agreement (the “ Compensation Agreement ”) pursuant to which both parties agreed that the Vendor II shall additionally deliver the rights to use one car parking space to Beijing Shen Shang as compensation for delay in processing the property ownership certificate of Properties II.

於2019年3月18日，賣方II與北京瀋商訂立補償協議（「補償協議」），據此，雙方約定賣方II有條件地同意額外交付一個停車位使用權予北京瀋商作為延期辦理物業II的物業不動產權證書的補償。

Subsequently, the Board has changed the acquisition plan. On 5 August 2019, Vendor II and Beijing Shen Shang entered into a termination agreement (the “ Termination Agreement I ”) pursuant to which both parties mutually agreed to terminate the Properties Acquisition Agreements II and the Compensation Agreement with immediate effect and the transactions contemplated thereunder will not proceed. At as the date of signing the Termination Agreement I, Beijing Shen Shang had paid consideration of RMB110,000,000 to the Vendor II.

其後，董事會變更收購計劃。於2019 年8月5日，賣方II與北京瀋商訂立終止協議（「終止協議 I 」），據此，訂約雙方互相協定即時終止物業收購協議 II及補償協議，及其項下擬進行的交易將不會進行。於簽訂終止協議日期，北京瀋商已向賣方II支付代價人民幣110,000,000元。

206

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. DEPOSITS PAID (Continued)

24. 所支付的訂金（續）

Notes: (Continued)

附註：（續）

(b) (continued)

On 28 October 2019, Shenzhen Shenhe Chuangli Investment and Development Company Limited (“ Shenhe Chuangli ”), a wholly-owned subsidiary of the Company, Beijing Shen Shang, San He Jing Jiao and vendor A, vendor B and vendor C, (collectively referred to as “ Vendors III ”) entered into a sale and purchase agreement, pursuant to which Shenhe Chuangli has conditionally agreed to purchase and the Vendors III have conditionally agreed to sell 78% equity interest of San He Jing Jiao at the consideration of RMB321,000,000 (the “ San He Jing Jiao Acquisition Agreement* ”).

(b) （續）

於2019年10月28日，深圳深合創立投資發展有限公司（「深合創立」）、本公司全資附屬公司）、北京瀋商、三河京郊與賣方A、賣方B及賣方C（統稱「賣方 III 」）訂立買賣協議，據此，深合創立有條件同意購買而賣方III有條件同意出售三河京郊78%股權，代價為人民幣321,000,000元（「三河京郊收購協議」）。

Pursuant to the San He Jing Jiao Acquisition Agreement, Beijing Shen Shang and San He Jing Jiao mutually agreed to transfer the deposit received from Beijing Shen Shang at the amount of RMB110,000,000 in relation to the Properties Acquisition Agreements II to the vendor A. As at 31 December 2019, RMB110,000,000 represented the deposit paid for the acquisition of 78% equity interest of San He Jing Jiao.

根據三河京郊收購協議，北京瀋商及三河京郊互相同意轉撥已自北京瀋商收取有關物業收購協議II的訂金人民幣110,000,000元予賣方A。於2019 年12月31日，人民幣110,000,000元指為收購三河京郊78%股權而支付的訂金。

On 24 August 2020, Vendor III, Shenhe Chuangli, San He Jing Jiao and Beijing Shen Shang entered into the termination agreement (the “ Termination Agreement II ”), pursuant to which i) each of the parties of the San He Jing Jiao Acquisition Agreement agreed to terminate the San He Jing Jiao Acquisition Agreement; ii) vendor A shall refund the deposit paid of RMB110,000,000 to Shenhe Chuangli; and iii) Beijing Shen Shang and San He Jing Jiao shall resume the sale and purchase of the Properties II by entering into another supplemental agreement.

於2020年8月24日，賣方III、深合創立、三河京郊及北京瀋商訂立終止協議（「終止協議 II 」），據此，i）三河京郊收購協議各訂約方同意終止三河京郊收購協議；ii）賣方A須向深合創立退還已付訂金人民幣110,000,000 元；iii）北京瀋商與三河京郊須透過訂立第二份補充協議恢復買賣物業II。

On 24 August 2020, Beijing Shen Shang and San He Jing Jiao entered into another agreement (the “ Second Supplemental Agreement ”). Pursuant to the Second Supplemental Agreement, San He Jing Jiao has conditionally agreed to sell, and Beijing Shen Shang has conditionally agreed to acquire and resume the original sale and purchase of the Properties II at the consideration of RMB110,000,000.

於2020年8月24日，北京瀋商與三河京郊訂立另一份協議（「第二份補充協議」）。根據第二份補充協議，三河京郊已有條件同意出售，而北京瀋商已有條件同意收購及恢復原來該物業II 之買賣，代價為人民幣110,000,000 元。

The consideration of RMB110,000,000 shall be payable by Beijing Shen Shang to San He Jing Jiao. Shenhe Chuangli, agreed to pay the consideration on behalf of Beijing Shen Shang and RMB110,000,000 shall be payable by vendor A to San He Jing Jiao within 3 days from the date of the Second Supplemental Agreement. The liabilities between Shenhe Chuangli and Beijing Shen Shang shall be set-off accordingly.

北京瀋商須向三河京郊支付代價人民幣110,000,000元。深合創立同意代表北京瀋商支付代價，而賣方A須於第二份補充協議日期起計3日內向三河京郊支付人民幣110,000,000元。深合創立與北京瀋商之間的負債須相應抵銷。

During the year ended 31 December 2020, deposit paid of RMB110,000,000 was therefore reclassified from deposit paid for acquisition of San He Jing Jiao to deposit paid for acquisition of the Properties II.

於截至2020年12月31日止年度，已付訂金人民幣110,000,000元因而從為收購三河京郊支付的訂金重新分類成為收購物業II支付的訂金。

207

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. DEPOSITS PAID (Continued)

Notes: (Continued)

(b) (continued)

Details of the above-mentioned acquisitions have been disclosed in the Company’s announcement dated 11 February 2018, 5 August 2019, 28 October 2019, 18 November 2019, 20 December 2019, 31 December 2019, 6 February 2020, 11 March 2020, 15 April 2020, 15 May 2020, 15 June 2020, 15 July 2020, 14 August 2020, 24 August 2020, 14 September 2020, 9 October 2020, 23 October 2020, 30 November 2020, 30 December 2020, 25 January 2021, 25 February 2021, 26 February 2021 and 1 March 2021, respectively.

As at 31 December 2020, the balance of RMB110,000,000 (2019: Nil) represented the deposit paid for acquisition of the Properties II. The acquisition has been completed on 16 March 2021.

For identification purpose only

(c) On 30 December 2019, Shenhe Chuangli, and a vendor (“ Vendor IV ”) entered into a sale and purchase agreement, pursuant to which Shenhe Chuangli has conditionally agree to purchase and the Vendor IV has conditionally agreed to sell 95% equity interest of eight companies, collectively (1) Beijing Herun Wanwu Technology Co., Ltd., (2) Beijing Wanxiang Shengrun Technology Co., Ltd., (3) Ningyun Runyu Technology (Beijing) Co., Ltd., (4) Yueyu Wanrun (Beijing) Culture Communication Co., Ltd., (5) Jiao Yanpengda Technology (Beijing) Co., Ltd., (6) Beijing Shuying Wanyu Culture Communication Co., Ltd., (7) Miao Ruo Yue Xiu (Beijing) Cultural Communication Co., Ltd., and (8) Beijing Ronghui Guangyi Technology Co., Ltd. (collectively the “ Target Companies ”) at the consideration of RMB71,000,000, of which RMB47,000,000 and RMB24,000,000 are for the acquisition of 95% equity interest of the Target Companies and amount due to a creditor (the “ Creditor ”) of the Target Companies of approximately RMB24,000,000 respectively.

Target Companies comprises of companies established under the laws of the PRC with limited liability, which are principally engaged in the investment holding. Target Companies hold a total of 125 wholly-owned subsidiaries, each of which owns a property, involving acquisitions of total 125 properties (the “ Properties III ”). The Properties III are located in the Zhiying Commercial Center in Liangxiang Higher Education Park, Fangshan, Beijing, adjacent to Liangxiang University City North Station. Details of the acquisition has been disclosed in the Company’s announcement dated 30 December 2019.

As at 31 December 2019, RMB56,000,000 represented deposits paid for the acquisition of the Target Companies. The acquisition has been completed on 7 April 2020 and details are disclosed in Note 35(a).

24. 所支付的訂金（續）

附註：（續）

(b) （續）

上述收購事項的詳情已於本公司日期為2018年2月11日、2019年8月5 日、2019年10月28日、2019年11月 18日、2019年12月20日、2019年12 月31日、2020年2月6日、2020年3月 11日、2020年4月15日、2020年5月 15日、2020年6月15日、2020年7月 15日、2020年8月14日、2020年8月 24日、2020年9月14日、2020年10 月9日、2020年10月23日、2020年 11月30日、2020年12月30日、2021 年1月25日、2021年2月25日、2021 年2月26日及2021年3月1日的公告中分別披露。

於 2020 年 12 月 31 日，結餘人民幣 110,000,000元（2019年：無）指就收購物业II所支付的訂金。該收購事項已於2021年3月16日完成。

僅供識別

(c) 於 2019 年 12 月 30 日，深合創立與一名賣方（「賣方 IV 」）訂立買賣協議，據此，深合創立有條件同意購買而賣方 IV 有條件同意出售八間公司 95% 股權，即 (1) 北京和潤萬物科技有限公司 * 、 (2) 北京萬祥盛潤科技有限公司 * 、 (3)凝雲潤宇科技（北京）有限公司、 (4)月鈺萬潤（北京）文化傳播有限公司、(5)郊燕鵬達科技（北京）有限公司、(6)北京疏影婉玉文化傳播有限公司、(7)緲若粵秀（北京）文化傳播有限公司及(8)北京融匯廣益科技有限公司（統稱「目標公司」），代價為人民幣 71,000,000 元，其中人民幣 47,000,000元和人民幣24,000,000元分別用於收購目標公司的95%股權以及償還目標公司的一位債權人（「債權人」）約人民幣24,000,000元。

目標公司包括根據中國法例成立的多間有限公司，主要從事投資控股業務。目標公司持有合共125間全資附屬公司，其各自擁有一間物業，涉及收購合共125項物業（「物業 III 」）。物業III位於北京房山良鄉高教園內的智盈商業中心，毗鄰良鄉大學城北站。有關收購事項的詳情於本公司日期為 2019年12月30日的公告中披露。

於2019年12月31日，人民幣56,000,000 元指就收購目標公司所支付的訂金。該收購事項已於2020年4月7日完成並於附註35(a)中披露。

208

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

24. DEPOSITS PAID (Continued)

24. 所支付的訂金（續）

Notes: (Continued)

附註：（續）

(d) On 16 October 2020, Shenzhen Ju Sheng Chuang Jian Investment and Development Limited (“ Shenzhen Ju Sheng ”), a wholly-owned subsidiary of the Company, and Shenzhen Apple Culture Media Company Limited (“ Vendor V ”) entered into a sale and purchase agreement, pursuant to which Shenzhen Ju Sheng has conditionally agreed to purchase and the Vendor V has conditionally agreed to sell 60% equity interest of Shennongjia at the consideration of RMB35,000,000, of which approximately RMB1,446,000 and RMB33,554,000 are for the acquisition of 60% equity interest of Shennonglia (“ Sale Shares ”) and shareholder’s loan (the “ Sale Loan ”) respectively. Details of the acquisition of Shennongjia has been disclosed in the Company’s announcements dated 16 October 2020.
(d) 於2020年10月16日，本公司全資附屬公司深圳市聚晟創建投資發展有限公司（「深圳聚�」）與深圳市蘋果文化傳媒有限公司（「賣方 V 」）訂立買賣協議，據此，深圳聚晟有條件同意收購且賣方V有條件同意出售神農架60% 股權，代價為人民幣35,000,000元，其中約人民幣1,446,000元及約人民幣33,554,000元分別用於收購神農架的60%股權（「銷售股份」）及股東貸款
（「銷售貸款」）。有關收購神農架的詳情於本公司日期為2020年10月16日的公告中披露。

As at 31 December 2020, the acquisition has not yet been completed, RMB35,000,000 represented deposits paid for the acquisition of Shennongjia. The acquisition has been completed on 15 March 2021.

於 2020 年 12 月 31 日，收購尚未完成，人民幣35,000,000元指就收購神農架所支付的訂金。該收購事項已於 2021年3月15日完成。

25. CONTRACT COSTS

25. 合約成本

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Construction costs and 建築成本及
expenditure capitalised 資本化開支 131,761 128,124
----- End of picture text -----

Contract costs capitalised as at 31 December 2020 and 2019 are mainly related to land leveling cost, road facilities and electricity supply, rainwater and wastewater facilities and land requisition cost.

於2020年及2019年12月31日撥充資本的合約成本主要與土地平整費、道路設施及供電、雨水污水設施和土地徵用費有關。

Contract costs are recognised as part of the cost of sales in the consolidated statement of profit or loss in the period in which revenue from the related project is recognised. The amount of capitalised costs recognised in profit or loss during the year was approximately RMB5,937,000 (2019: RMB20,853,000). There was no impairment in relation to the opening balance of capitalised costs or the costs capitalised during the year.

合約成本於確認相關項目收益期間於綜合損益表中確認為部分銷售成本。年內於損益中確認的資本化成本金額約為人民幣約5,937,000元（2019年：人民幣20,853,000元）。年內並無有關資本化成本期初結餘或資本化成本的減值。

209

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

26. LOAN AND INTEREST RECEIVABLES

26. 應收貸款及利息

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Fixed-rate loan and interest receivables 定息應收貸款及利息 – 31,812
Less: Allowance for credit losses 減：信貸虧損撥備 – (17,473)
–
14,339
----- End of picture text -----

As at 31 December 2019, included in the Group’s loan and interest receivables balance are debtors with aggregate carrying amount of RMB14,339,000 which are past due more than 90 days as at the reporting date. The Directors are in the view that there been no significant increase in credit risk nor default of the remaining RMB14,339,000 based on the repayment history and creditworthiness of the debtors.

於2019年12月31日，計入本集團的應收貸款及利息結餘為於報告日期已逾期 90 日或以上賬面總值為人民幣 14,339,000 元的應收賬款。董事認為，根據還款記錄及債務人的信譽，信貸風險並無顯著上升，亦無拖欠餘下人民幣14,339,000元。

At 31 December 2019, the loan receivables arising from credit business are unsecured, bear fixed interest at 6% per annum.

於2019年12月31日，信貸業務產生的應收貸款為無抵押、按固定年利率6% 計息。

The contractual maturity dates of the Group’s fixed-rate loan receivables are as follows:

本集團定息貸款應收款項合約到期日如下：

	2020	2019
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Fixed-rate loan and interest receivables: 定息應收貸款及利息： On demand 按要求 – 14,339 The loan and interest receivables outstanding as at 31 December 2020 and 2019 are denominated in HK$. 於2020年及2019年12月31日，尚未償還的應收貸款及利息以港元計值。

	–

As disclosed in Note 13(a), as at 31 December 2020, the disposal of Chung Hwa Finance is expected to be completed within twelve months after the reporting date, all the loan and interest receivables, which are attributable to Chung Hwa Finance, are reclassified as assets classified as held-for-sale.

如附註13(a)所披露，於2020年12月31 日，中華信貸出售事項預期在報告日期後十二個月內完成，中華信貸所有應佔之應收貸款及其他利息均重新分類為持作銷售的資產。

Details of impairment assessment of loan and interest receivables are set out in Note 6(b).

有關應收貸款及利息之減值評估的詳。情載於附註6(b)

210

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

27. DEPOSITS AND OTHER RECEIVABLES

27. 訂金及其他應收款項

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Other receivables (Notes) 其他應收款項（附註） 245,193 146,480
Deposits 訂金 195 133
245,388 146,613
Less: Allowance for credit losses 減：信貸虧損撥備 (81,219) (71,615)
164,169 74,998
----- End of picture text -----

Notes:

At 31 December 2020, other receivables mainly include:

(a) approximately RMB143,012,000, net of accumulated impairment loss of RMB9,988,000 (2019: Nil) represented the consideration receivable from Purchaser III, in relation to the disposal of the entire equity interest of SHHH Development which was completed on 15 November 2020. Details of the disposal are disclosed in Note 13(c) and 36(a).
(b) approximately RMB13,256,000, net of accumulated impairment loss of RMB163,000 (2019: approximately RMB14,827,000, net of accumulated impairment loss of RMB173,000) represented a loan to Guangzhou Leyou Internet Technology Co. Ltd (“ Guangzhou Leyou* ”), an independent third party. On 20 May 2020, the Company and Guangzhou Leyou entered into a supplementary agreement, pursuant to which the Company and Guangzhou Leyou agreed to extend the loan period for twelve months to 6 March 2021.

The unsecured loan bear interest rate at 6% (2019: 6%) per annum with a term of twelve months (2019: seven months).

(c) approximately RMB7,048,000, net of accumulated impairment loss of RMB902,000 (2019: approximately RMB10,266,000, net of accumulated impairment loss of RMB684,000) represented the consideration receivable from Purchaser II, in relation to the disposal of the entire equity interest of Shenzhen Shen He which was completed on 28 June 2019. Details of the disposal are disclosed in Note 36(b).
(d) approximately RMB Nil, net of accumulated impairment of RMB70,160,000 (31 December 2019: approximately RMB43,087,000, net of accumulated impairment of RMB69,913,000) represented the consideration receivable in relation to the disposal of 20% equity interests of Guangzhou Hai Yue Real Estate Development Company Limited* at a consideration of RMB133,000,000, which was completed on 4 March 2019.

附註：

於2020年12月31日，其他應收款項主要包括：

(a) 約人民幣 143,012,000 元（扣除累計減值虧損人民幣9,988,000元）（2019 年：零）指應收買方III代價，內容有關於2020年11月15日完成的出售深圳合輝煌發展全部股權。出售事項的詳情於附註13(c)和36(a)披露。
(b) 約人民幣13,256,000元（扣除累計減值虧損人民幣163,000元）（2019年：約人民幣14,827,000元，扣除累計減值虧損人民幣173,000元）指授予獨立第三方廣州樂遊互聯網科技有限公司
（「廣州樂游」）的貸款。於2020年5月 20日，本公司與廣州樂游訂立補充協議，據此，本公司與廣州樂游同意延長貸款期間至2021年3月6日，為期十二個月。

該筆無抵押貸款按年利率6%（2019 年：6%）計息，為期十二個月（2019 年：七個月）。

(c) 約人民幣7,048,000元（扣除累計減值虧損人民幣902,000元）（2019年：約人民幣10,266,000元，扣除累計減值虧損人民幣684,000元）指應收買方II 代價，內容有關於2019年6月28日完成的出售深圳沈和全部股權。出售事項的詳情於附註36(b)披露。

(d) 約人民幣零元（扣除累計減值人民幣 70,160,000元）（2019年12月31日：約人民幣 43,087,000 元，扣除累計減值人民幣69,913,000元）指應收代價，內容有關以人民幣133,000,000 元之代價出售廣州海粵房地產發展有限公司20%股權，該收購已於2019 年3月4日完成。

Details of impairment assessment of deposits and other receivables are set out in Note 6(b).

有關訂金及其他應收款項之減值評估。的詳情載於附註6(b)

For identification purpose only
僅供識別

211

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

28. RESTRICTED BANK BALANCES

28. 受限制銀行結餘

Restricted bank balance mainly represents advanced payments received from the Sole Customer in respect of Project and restricted for settlement of various costs upon approval by the Sole Customer with approximately RMB75,761,000.

受限制銀行結餘約人民幣75,761,000 元，主要乃就項目預收唯一客戶的款項，並須取得唯一客戶批准方可償付各項費用。

Details of impairment assessment of restricted bank balances are set out in Note 6(b).

有關受限制銀行結餘的減值評估詳情。載於附註6(b)

29. BANK BALANCES AND CASH

29. 銀行結餘及現金

The bank balances are mainly denominated in RMB and deposited with banks in the PRC. The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

銀行結餘主要以人民幣計值，並存放在位於中國的銀行。人民幣不能自由兌換成其他貨幣。然而，根據中國內地《外匯管理條例》及《結匯、售匯及付匯管理規定》，本集團可透過獲授權經營外匯業務的銀行將人民幣兌換成其他貨幣。

Bank balances carry interest at market rates ranged from the 0.01% to 1.95% (2019: 0.01% to 0.35%) per annum. The bank balances are deposited in creditworthy banks with no recent history of default.

銀行結餘按年市場利率介乎0.01%至 1.95%（2019年：0.01%至0.35%）計算利息。銀行結餘存於近期無違約紀錄且信譽良好的銀行。

Details of impairment assessment of bank balances are set out in Note 6(b).

有關銀行結餘的減值評估的詳情載於附註6(b)。

30. TRADE PAYABLES

30. 應付賬款

Trade payables represented construction payables in relation to construction costs and other project-related expenses which are payable based on project progress measured by the Group. The suppliers have not specified the credit period granted to the Group.

應付賬款為與建築費用及其他項目相關開支相關的應計建築開支，乃根據本集團計量的項目進度支付。供應商並無授予本集團指定信貸期。

The following is an aged analysis of trade payables at the end of the reporting period:

以下為於報告期末的應付賬款的賬齡分析：

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----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Within 90 days 90日內 6,866 9,907
Over 90 days 90日以上 58,931 57,324
65,797 67,231
----- End of picture text -----

212

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

31. FINANCIAL GUARANTEE CONTRACTS

31. 財務擔保合約

On 27 August 2018, Putian Licheng Branch of Industrial and Commercial Bank of China (“ICBC”) submitted an arbitration (the “Arbitration”) to the Xiamen Arbitration Commission, against Shishi Shen Guo Tou to recover a bank loan with an outstanding principal and the financing interest amounting to RMB141,569,000 and RMB720,000, respectively, as well as the expenses incurred for realising creditor’s right (collectively, the “Legal Proceeding”). Details of the Arbitration were disclosed in the announcement of the Company dated 11 September 2018.

於2018年8月27日，中國工商銀行股份有限公司莆田荔城支行（「工商銀行」）向廈門仲裁委員會提出仲裁（「仲裁」），要求石獅深國投償還尚未償還一筆銀行貸款的本金及融資利息分別人民幣 141,569,000 元及人民幣 720,000元，以及就變現債權人權利產生的開支（統稱「法律訴訟」）。有關仲裁的詳情於本公司日期為2018年9月 11日的公告中披露。

Shenzhen Zhonghe Chuangjian Investment Development Company Limited (“Shenzhen Zhonghe”), an indirect wholly-owned subsidiary of the Company, being the guarantor to the loan, was named as defendant in the Arbitration. The maximum amount guaranteed by Shenzhen Zhonghe under the financial guarantee contract was RMB49,787,000.

深圳市眾合創建投資發展有限公司（「深圳眾合」，本公司間接全資附屬公司），即該筆貸款的擔保人，為仲裁的答辯人。深圳眾合根據財務擔保合約所擔保的最高金額為人民幣 49,787,000元。

The Directors have performed impairment assessment and concluded that there has been a significant increase in credit risk since initial recognition of the financial guarantee contract. Accordingly, a loss allowance of RMB49,787,000 has been recognised for financial guarantee contract during the year ended 31 December 2018.

董事已進行減值評估，並確定信貸風險自財務擔保合約初步確認以來顯著增加。因此，截至2018年12月31日止年度，已就財務擔保合約確認虧損撥備人民幣49,787,000元。

During the year ended 31 December 2019, Shenzhen Zhonghe has been disposed of and the financial guarantee contract has been disposed accordingly. Details of the disposal are disclosed in Note 36(b).

截至2019年12月31日止年度，深圳眾合已被出售，而財務擔保合約已出售。出售事項的詳情於附註 36(b) 披露。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

32. CONTRACT LIABILITIES

32. 合約負債

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Current liabilities 流動負債
Construction of infrastructure and 基礎設施建設及物業發展
development of properties 54,926 61,749
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As at 1 January 2019, contract liabilities amounted to approximately RMB84,299,000. As at 31 December 2020, approximately RMB54,926,000 (2019: RMB61,749,000) represents the advance payments made by the Sole Customer.

於2019年1月1日，合約負債為約人民幣 84,299,000 元。於 2020 年 12 月 31日，約人民幣54,926,000元（2019 年：人民幣61,749,000元）指唯一客戶作出的預付款項。

The Sole Customer made advance payments to the Group while the acceptance and transfer procedure is still ongoing. The advance payments result in contract liabilities being recognised throughout the construction and development period until the completion of the acceptance and transfer procedure and the Sole Customer obtains control of the completed infrastructure and property.

The following table shows how much of the revenue recognised relates to carried-forward contract liabilities and how much relates to performance obligations that were satisfied in prior periods.

下表載列於已確認收益與結轉合約負債相關的程度及與於過往期間已履行的履約責任相關的程度。

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Revenue recognised that was included in 於年初計入合約負債結餘的
the contract liabilities balance at the 已確認收益
beginning of the year 6,624 21,893
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Since the Sole Customer has delayed the completion of the acceptance and transfer procedure on its sole discretion, which the Group does not have any control on such procedure, the contract liability related to the unsatisfied performance obligation, which was expected to be satisfied within one year in prior year, has not yet fully recognised as revenue during the year ended 31 December 2020.

由於唯一客戶自行決定延遲完成驗收及移交程序，而本集團對該程序沒有任何控制權，因此，與未履行的履約義務有關的合約責任（本預期於上一年度一年內履行）尚未完全確認為截至 2020年12月31日止年度的收入。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

33. OTHER PAYABLES AND ACCRUALS

33. 其他應付款項及應計費用

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Other payables and accruals (Notes) 其他應付款項及應計費用
（附註） 82,130 18,717
Payable for construction cost of office 就辦公室建築成本的
應付款項 4,209 4,209
86,339 22,926
Notes: 附註：
At 31 December 2020, other payables mainly include: 於2020年12月31日，其他應付款項主要包括：
(a) approximately RMB10,962,000 (2019: RMB10,962,000) (a) 約人民幣10,962,000元（2019年：人
represented a government grant with unfulfilled condition at 民幣10,962,000元）乃於報告日期，
the reporting date. 未達成條件的政府補助金。
(b) approximately RMB54,465,000 (2019: Nil) ,which was (b) 約人民幣 54,465,000 元（ 2019 年：
assumed through the acquisition of Target Companies, 零），因收購目標公司而承擔，乃目
represented the outstanding consideration of acquisition of 標公司收購物業III之未償代價（附註
Properties III by the Target Companies (Notes 24(c) and 35(a)). 24（c）及35（a））。
34. LEASE LIABILITIES 34. 租賃負債
2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Lease liabilities payable: 須於以下期間支付的
租賃負債：
Within one year 一年內 676 754
Within a period of more than one year 超過一年但
but not more than two year 不超過兩年 – 264
676 1,018
Less: Amount due for settlement 減：12個月內到期償付的
within 12 months shown under 款項（列為流動負債）
current liabilities (676) (754)
Amount due for settlement after 12個月後到期償付的款項
12 months shown under （列為非流動負債）
non-current liabilities – 264
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The weighted average incremental borrowing rates applied 應用於租賃負債的加權平均增量借款 to lease liabilities ranged from 2.7% to 5.5% (2019: 2.7% 利率為2.7%至5.5%（2019年：2.7% to 4.75%). 至4.75%）

215

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

34. LEASE LIABILITIES (Continued)

34. 租賃負債（續）

Lease obligation that is denominated in currencies other than the functional currencies of the relevant group entities are set out below:

非以相關集團實體本位幣核算的租賃義務載列如下：

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
HK$ 港元 268 682
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35. ACQUISITION OF ASSETS THROUGH ACQUISITION OF SUBSIDIARIES

35. 透過收購附屬公司收購資產

(a) During the year ended 31 December 2020

(a) 截至 2020 年 12 月 31 日止年度

As details in Note 24(c), on 7 April 2020, Shen Chuangli completed the acquisition of 95% interest in Target Companies at the consideration of RMB71,000,000, in which RMB47,000,000 was payable to Vendor IV as the purchase consideration and the remaining RMB24,000,000 was paid on behalf of the Target Companies to the Creditor. Target Companies holds a portfolio of 125 properties which are all located in PRC.

誠如附註24(c)所詳述，於2020 年4月7日，深合創立完成收購目標公司之95%股權，代價為人民幣71,000,000元，其中人民幣47,000,000元應付予賣方 IV（作為購買代價）及餘下人民幣24,000,000元乃代表目標公司支付予其債權人。目標公司持有125項物業組合，全部位於中國。

The Group elected to apply the optional concentration test in accordance with HKFRS 3 “ Business Combinations ” and concluded that:

本集團根據香港財務報告準則第3號「業務合併」選擇應用選擇性集中測試，並得出以下結論：

(a) The land and building components of each property, together with the in-place leases, are considered a single identifiable asset; and
(a) 每項物業之土地及樓宇組成部分，連同現地租約，均被視為單一可識別資產；及
(b) The group of 125 properties is a group of similar identifiable assets because the assets are similar in nature and risks associated with managing and creating outputs are not significantly different.
(b) 由於該組125項物業的性質相似，且與管理及創造產出相關的風險並無重大差異，故該組物業為一組相似的可識別資產。

Consequently, the Group determined that substantially all of the fair value of the gross assets (excluding cash and cash equivalents) acquired is concentrated in a group of similar identifiable assets and concluded that the acquired set of activities and assets is not a business.

因此，本集團確定，所收購總資產（不包括現金現金及現金等值項目）之公允價值基本上都集中於一組相似的可識別資產中，並得出結論，認為所收購的一組活動及資產不構成業務。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

35. ACQUISITION OF ASSETS THROUGH ACQUISITION OF SUBSIDIARIES (Continued)

35. 透過收購附屬公司收購資產（續）

(a) During the year ended 31 December 2020 (Continued)

Consideration transferred:

(a) 截至 2020 年 12 月 31 日止年度（續）

所轉讓代價

	Total
	總計
	RMB’000
	人民幣千元

Cash 現金 Deposit paid 已支付訂金	15,000 56,000
	71,000

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Assets acquired and liabilities recognised at 於收購日期確認的已收購資產
the date of acquired: 及負債如下：
Total
總計
RMB’000
人民幣千元
Investment properties (Note 20) 投資物業（附註20） 138,328
Bank balances and cash 銀行結餘及現金 69
Amount due to Vendor IV 應付賣方IV款項 (2,745)
Amount due to the Creditor 應付債權人款項 (24,000)
Other payables 其他應付款項 (62,178)
Net assets acquired of 所收購資產淨值 49,474
Settlement of amount due to the Creditor 代表目標公司應付債權人
on behalf of the Target Companies 結算款項 24,000
Less: Non-controlling interest in SHHH 減：於深圳合輝煌發展的非控股權
Development 益 (2,474)
Total consideration 總代價 71,000
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Net cash outflow on acquisition of assets through acquisition of Target Companies:

透過收購目標公司收購資產的現金流出淨額：

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----- Start of picture text -----

RMB’000
人民幣千元
Cash paid 已付現金 (15,000)
Less: Bank balances and cash acquired 減：所收購銀行結餘及現金 69
(14,931)
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The non-controlling interests in Target Companies 於收購日期確認之於目標公司 recognised at the acquisition date was measured by 的非控股權益乃參考所確認目 reference to the proportionate share of recognised 標公司資產淨值的按比例份 amounts of net assets of Target Companies and 額，約人民幣 2,474,000 元計 amount to approximately RMB2,474,000. 量。

217

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

35. ACQUISITION OF ASSETS THROUGH ACQUISITION OF SUBSIDIARIES (Continued)

35. 透過收購附屬公司收購資產（續）

(b) During the year ended 31 December 2019

(b) 截至 2019 年 12 月 31 日止年度

(i) On 11 May 2017, Shenzhen Shenxi, entered into a capital contribution agreement with SHHH Development and Shenzhen Newpont Investment Group Limited (“ SNP Investment ”), pursuant to which Shenzhen Shenxi, being the new investor, agreed to make capital contribution in the total sum of RMB155,000,000 to Zhong De Logistics. Upon completion of capital contribution, Shenzhen Shenxi will hold 20% equity interest in Zhong De Logistics.

(i) 於 2017 年 5 月 11 日，深圳沈璽與深圳合輝煌發展及深圳市新邦投資集團有限公司（「深圳新邦投資」）訂立注資協議，據此，深圳沈璽（作為新投資者）同意向眾德物流注資總額人民幣 155,000,000 元。於注資完成後，深圳沈璽持有眾德物流 20%股權。

RMB150,000,000 has been paid to Zhong De Logistics during the year ended 31 December 2017. As at 31 December 2018, the acquisition has not been completed and RMB150,000,000 was recognised as deposit paid.

截至 2017 年 12 月 31 日止年度，已向眾德物流支付人民幣150,000,000 元。於 2018 年 12 月 31 日，收購事項尚未完成，並已確認人民幣 150,000,000元作為已付訂金。

During the year ended 31 December 2019, Shenzhen Shenxi, SNP Investment, SHHH Development, Zhong De Logistics, Lu Hancai and Ma Xinan (both being independent third parties) entered into a supplemental agreement, pursuant to which, the capital contribution in Zhong De Logistics through capital injection by Shenzhen Shenxi was changed to acquisition of 66.67% equity interest in SHHH Development by Shenzhen Shenxi from Lu Hancai and Ma Xinan. The acquisition was completed on 22 January 2019. After the completion of the acquisition, the Group has held 66.67% equity interest in SHHH Development and indirectly owned 30% equity interest in Zhong De Logistics.

截至 2019 年 12 月 31 日止年度期間，深圳沈璽、深圳新邦投資、深圳合輝煌發展、眾德物流、獨立第三方盧漢才及馬喜南訂立補充協議，據此，將深圳沈璽向眾德物流注資更改為深圳沈璽向盧漢才及馬喜南收購深圳合輝煌發展 66.67% 股權。該收購事項已於 2019 年 1月22日完成。於收購事項完成後，本集團於深圳合輝煌發展持有 66.67% 股權，並間接擁有眾德物流的30%股權。

SHHH Development engages in domestic logistics, freight forwarding, warehousing and distribution services in the PRC.

深圳合輝煌發展主要於中國從事國內物流、貨運代理、倉儲及分銷服務業務。

The above acquisition has been accounted for acquisition of assets.

上述收購事項已以資產收購入賬。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

35. ACQUISITION OF ASSETS THROUGH ACQUISITION OF SUBSIDIARIES (Continued)

35. 透過收購附屬公司收購資產（續）

(b) During the year ended 31 December 2019 (Continued) (i) (Continued)

(b) 截至 2019 年 12 月 31 日止年度（續） (i) （續）

Consideration transferred:

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----- Start of picture text -----

Consideration transferred: 所轉讓代價：
RMB’000
人民幣千元
Cash 現金 5,000
Deposit paid 已付訂金 150,000
Total 總計 155,000
A s s e t s a c q u i r e d a n d l i a b i l i t i e s 於收購日期確認的所收
recognised at the date of acquisition: 購資產及所確認負債：
Total
總計
RMB’000
人民幣千元
Property, plant and equipment (Note 18) 物業、廠房及設備（附註18） 147
Interest in an associate 於一間聯營公司的權益 238,549
Bank balances and cash 銀行結餘及現金 93
Other receivables 其他應收款項 10,092
Other payables 其他應付款項 (16,393)
Net assets acquired of 所收購資產淨值 232,488
N on-controlling interest 於深圳合輝煌發展的非控股權益
in SHHH Development (77,488)
Total consideration 總代價 155,000
Net cash outflow on acquisition of 透過收購深圳合輝煌發
assets through acquisition of SHHH 展收購資產的現金流出
Development: 淨額：
RMB’000
人民幣千元
Cash paid 已付現金 (5,000)
Less: Bank balances and cash acquired 減：所收購銀行結餘及現金 93
(4,907)
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The non-controlling interests in SHHH 於收購日期確認之於深 Development recognised at the acquisition 圳合輝煌發展的非控股 date was measured by reference to the 權益乃參考所確認深圳 proportionate share of recognised amounts 合輝煌發展資產淨值的 of net assets of SHHH Development and amount to approximately RMB77,488,000. 按比例份額，約人民幣 77,488,000元計量。

219

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

35. ACQUISITION OF ASSETS THROUGH ACQUISITION OF SUBSIDIARIES (Continued)

35. 透過收購附屬公司收購資產（續）

(b) During the year ended 31 December 2019 (Continued)

(b) 截至 2019 年 12 月 31 日止年度（續）

(ii) On 24 June 2019, Shenhe Chuangli acquired 100% equity interest of Beijing Yufeng You Cheng Technology Company Limited (“ Beijing Yufeng ”) at the consideration of RMB10,660,000 in cash. Beijing Yufeng is mainly holding an investment property in the PRC. The acquisition has been accounted for an acquisition of assets.
(ii) 於 2019 年 6 月 24 日，深合創立收購北京御風程游科技有限公司
（「北京御風」）100%股權，現金代價為人民幣 10,660,000元。北京御風主要於中國持有投資物業。收購事項已以資產收購入賬。

*A s s e t s a c q u i r e d a n d l i a b i l i t i e s* *recognised at the date of acquisition:* 於收購日期確認的所收購資產及負債：	*A s s e t s a c q u i r e d a n d l i a b i l i t i e s* *recognised at the date of acquisition:* 於收購日期確認的所收購資產及負債：	*A s s e t s a c q u i r e d a n d l i a b i l i t i e s* *recognised at the date of acquisition:* 於收購日期確認的所收購資產及負債：
		RMB’000
		人民幣千元

Investment property (Note 20) 投資物業（附註20） 20,130 Bank balances and cash 銀行結餘及現金 154 Other payables 其他應付款項 (284) Amount due to Shenhe Chuangli 應付深合創立款項 (9,340) Net assets acquired of 所收購資產淨值 10,660 *Net cash outflow on acquisition of* *assets through acquisition of Beijing* *Yufeng:* 透過收購北京御風收購資產的現金流出淨額：
		RMB’000
		人民幣千元

Cash consideration paid Less: Bank balance and cash acquired	已付現金代價減：所收購銀行結餘及現金	(10,660) 154 (10,506)

220

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

36. DISPOSAL OF SUBSIDIARIES

36. 出售附屬公司

(a) During the year ended 31 December 2020

As disclosed to in Note 13(c), on 15 November 2020, Shenzhen Shenxi disposed of its entire 66.67% equity interest of SHHH Development and the Shareholder’s Loan at a consideration of RMB173,000,000. The net assets of SHHH Development as at the date of disposal was as follows:

(a) 截至 2020 年 12 月 31 日止年度

如附註13(c)所披露，於2020年 11月15日，深圳沈璽以人民幣 173,000,000 元的代價出售其於附屬公司深圳合輝煌發展的全部66.67%股權及股東貸款。於出售日期，深圳合輝煌發展的資產淨值如下：

Consideration received:

已收代價：

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----- Start of picture text -----

RMB’000
人民幣千元
Deposit received 已收訂金 20,000
Other receivables 其他應收款項 153,000
173,000
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Analysis of assets and liabilities over which control was lost:

已失去控制權的資產及負債分析：

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----- Start of picture text -----

RMB’000
人民幣千元
Property, plant and equipment 物業、廠房及設備 85
Interest in an associate 於一間聯營公司的權益 231,183
Bank balance and cash 銀行結餘及現金 13
Other receivables 其他應收款項 145
Amount due from an associate 應收一間聯營公司款項 7,480
Trade payable 應付賬款 (38)
Amount due to the Company 應付本公司金額 (8,000)
Other payables 其他應付款項 (6,711)
Net assets disposed of 所出售資產淨值 224,157
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Gain on disposal of a subsidiary:

出售附屬公司收益：

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----- Start of picture text -----

RMB’000
人民幣千元
Consideration received and receivable 已收及應收代價： 173,000
Assignment of Shareholder’s Loan 股東貸款轉讓 (8,000)
Net assets disposed of 所出售資產淨值 (224,157)
Non-controlling interests 非控股權益 74,711
Gain on disposal 出售收益 15,554
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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

36. DISPOSAL OF SUBSIDIARIES (Continued)

36. 出售附屬公司（續）

(a) During the year ended 31 December 2020 (Continued)

(a) 截至 2020 年 12 月 31 日止年度（續）

Net cash outflow arising on disposal:

出售產生的現金流出淨額：

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----- Start of picture text -----

RMB’000
人民幣千元
Cash consideration 現金代價 –
Less: bank balances and cash disposed of 減：所出售銀行結餘及現金 (13)
(13)
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(b) During the year ended 31 December 2019

(b) 截至 2019 年 12 月 31 日止年度

As disclosed in Note 22(a), on 1 April 2019, Shenzhen Shen He entered into a disposal agreement with the Purchaser IV, pursuant to which Shenzhen Shen He sell the entire equity interests of Shenzhen Zhonghe and its 30% equity interests in Shishi Shen Guo Tou to the Purchaser IV at a consideration of RMB13,200,000. The disposal was completed on 30 April 2019.

如附註 22(a) 所披露，於 2019 年4月1日，深圳沈和與買方IV 訂立出售協議，據此，深圳沈和向買方IV出售深圳眾合全部股權及其於石獅深國投30%股權，代價為人民幣13,200,000 元。該出售事項已於2019年4 月30日完成。

As disclosed in Note 13(b), on 24 June 2019, the Company entered into a disposal agreement with the Purchaser II, pursuant to which the Company sell the entire equity interests of the Disposal Group to the Purchase II at a consideration of RMB13,950,000. The disposal was completed on 28 June 2019.

如附註13(b)所披露，於2019年 6月24日，本公司與買方II訂立出售協議，據此，本公司將出售組合的全部股權出售予買方 II ，代價為人民幣 13,950,000 元。該出售事項已於2019年6 月28日完成。

Consideration received:

已收代價：

		Shenzhen Zhonghe	Disposal Group I
		深圳眾合	出售組別I
		RMB’000	RMB’000
		人民幣千元	人民幣千元

Other receivables	其他應收款項	13,200	13,950

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

36. DISPOSAL OF SUBSIDIARIES (Continued)

36. 出售附屬公司（續）

During the year ended 31 December 2019 (Continued) *Analysis of assets and liabilities over which* *control was lost:* (b) 截至2019年12月31日止年度（續）已失去控制權的資產及負債分析：	During the year ended 31 December 2019 (Continued) *Analysis of assets and liabilities over which* *control was lost:* (b) 截至2019年12月31日止年度（續）已失去控制權的資產及負債分析：	During the year ended 31 December 2019 (Continued) *Analysis of assets and liabilities over which* *control was lost:* (b) 截至2019年12月31日止年度（續）已失去控制權的資產及負債分析：
	Shenzhen Zhonghe	Disposal Group
	深圳眾合	出售組別
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Interest in an associate 於一間聯營公司的權益 Bank balance and cash 銀行結餘及現金 Other receivables 其他應收款項 Other payables 其他應付款項 Financial guarantee_(Note 31)_ 財務擔保（附註31） Net assets disposed of 所出售資產淨值 This consideration has been included in other receivable in Disposal Group and was disposed of during the year ended 31 December 2019.	60,096 17 1,676 – (49,787)	– 465 13,646* (35) –
	12,002	14,076
	此代價已計入出售組別的其他應收款項並已於截至2019 年12月31日止年度出售。

*Gain (loss) on disposal of subsidiaries:*	出售附屬公司收益（虧損）：
	Shenzhen Zhonghe Disposal Group Total
	深圳眾合出售組別總計
	RMB’000 RMB’000 RMB’000
	人民幣千元人民幣千元人民幣千元

Consideration receivable 應收代價 Net assets disposed of 所出售資產淨值 Gain (loss) on disposal of subsidiaries 出售附屬公司收益（虧損）	13,200 13,950 27,150 (12,002) (14,076) (26,078) 1,198 (126) 1,072

223

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

36. DISPOSAL OF SUBSIDIARIES (Continued)

36. 出售附屬公司（續）

(b) During the year ended 31 December 2019 (Continued)

(b) 截至 2019 年 12 月 31 日止年度（續）

Net cash outflow arising on disposal:

出售產生的現金流出淨額：

	Shenzhen Zhonghe	Disposal Group	Total
	深圳眾合	出售組別	總計
	RMB’000	RMB’000	RMB’000
	人民幣千元	人民幣千元	人民幣千元

Cash received 已收現金 Less: bank balances and cash disposed of 減：所出售銀行結餘及現金	– (17)	– (465)	– (482) (482)
	(17)	(465)

37. SHARE CAPITAL

37. 股本

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2020 2019
Amount Amount
金額金額
Number of shares RMB’000 Number of shares RMB’000
股份數目人民幣千元股份數目人民幣千元
Authorised, issued and 法定、已發行及
fully paid: 已繳足：
– Domestic shares of －每股面值人民幣1元
RMB1 each 的內資股
At 1 January and 於1月1日及
31 December 12月31日 864,000,000 864,000 864,000,000 864,000
– H-shares of RMB1 each －每股面值人民幣1元
的H股
At 1 January and 於1月1日及
31 December 12月31日 605,376,000 605,376 605,376,000 605,376
Total 總計 1,469,376,000 1,469,376 1,469,376,000 1,469,376
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224

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

38. DEFERRED TAX

38. 遞延稅項

The following is the deferred tax asset recognised and the movements thereon during the current and prior years:

以下為已確認的遞延稅項資產及其於本年度及過往年度的變動情況：

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ECL provision
預期信貸
虧損撥備
RMB’000
人民幣千元
At 1 January 2019 於2019年1月1日 1,888
Charge to profit or loss 自損益扣除 (1,066)
Exchange adjustments 匯兌調整 17
At 31 December 2019 於2019年12月31日 839
Reclassification of assets classified as 分類為持作銷售之資產的
held-for-sale (Note 13(a)) 重新分類(附註13（a）) (766)
Exchange adjustments 匯兌調整 (42)
At 31 December 2020 於 2020 年 12 月 31 日 31
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In accordance with the PRC laws and regulations, tax losses could be carried forward for five years to offset against its future taxable profits. Deferred tax assets relating to unutilised tax losses are recognised to the extent that it is probable that sufficient taxable profit will be available to allow such deferred tax assets to be utilised.

根據中國法律及法規，稅項虧損可結轉五年以抵銷其日後的應課稅溢利。有關尚未動用稅項虧損的遞延稅項資產，只會在很可能將有足夠應課稅溢利以使該等遞延稅項資產獲得動用時方會確認。

At the end of the reporting period, the Group had estimated unused tax losses of approximately R M B 4 3 , 3 2 1 , 0 0 0 ( 2 0 1 9 : R M B 1 9 , 6 2 1 , 0 0 0 ) a n d approximately of HK$Nil (2019: HK$10,492,000) available for offset against future profits in the PRC and Hong Kong respectively. No deferred tax asset has been recognised in respect of the unused tax losses due to the unpredictability of future profits stream.

於報告期末，本集團可供抵銷位於中國及香港的未來溢利的估計未動用稅項虧損分別約為人民幣43,321,000元（2019年：人民幣19,621,000元）及約零港元（2019年：10,492,000港元）。由於難以預測未來溢利流，故未就未動用稅務虧損確認遞延稅項資產。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

38. DEFERRED TAX (Continued)

38. 遞延稅項（續）

Included in unrecognised tax losses are losses of approximately RMB43,321,000 (2019: RMB19,621,000) with expiry dates as disclosed in the following table. Other losses may be carried forward indefinitely.

未確認稅項虧損包括約人民幣 43,321,000元的虧損（2019年：人民幣19,621,000元），到期日見下表。其他虧損可無限期結轉。

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
2020 2020年 – 2,386
2021 2021年 52 459
2022 2022年 3,448 4,106
2023 2023年 6,307 6,676
2024 2024年 5,658 5,994
2025 2025年 27,856 –
43,321 19,621
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39. RETIREMENT BENEFITS PLANS

39. 退休福利計劃

The Group maintains various retirement schemes for its employees. The retirement scheme for employees of the Company and its PRC subsidiaries is a mandatory central pension scheme organised by the PRC government, the assets of which are held separately from those of the Group. Contributions made are based on a percentage of the eligible employees’ salaries and charged as expenses when the employees have rendered services entitling them to the contribution. The employer contributions vest fully once they are made. The Group operates a Mandatory Provident Fund Scheme for all qualifying employees in Hong Kong. The assets of the schemes are held separately from those of the Group, in fund under the control of trustees. The Company contributes 5% (2019: 5%) of relevant payroll costs, capped at HK$1,500 (2019: HK$1,500) per month, to the Mandatory Provident Fund Scheme, in which contribution is matched by employees.

本集團為其僱員設立不同的退休計劃。本公司及其中國附屬公司為其僱員參與一項由中國政府組織之強制性中央退休金計劃，該計劃之資產與本集團之資產分開存放。供款乃按合資格僱員薪酬之百分比釐定，並於僱員提供令其享有供款之服務時列作開支扣除。僱主供款一旦作出，便全歸僱員所有。本集團為香港全部合資格僱員設立強積金計劃。計劃的資產存置於一個由受託人控制的基金，與本集團資產分開持有。本公司與僱員均須每月對強積金計劃按相關薪金成本 5%（2019年：5%）作出供款，上限為 1,500港元（2019年：1,500港元）。

The total expense recognised in profit or loss of approximately RMB338,000 (2019: RMB454,000) represents contributions payable to these plans by the Group at rates specified in the rules of the plans. As at 31 December 2020, contributions of approximately RMB3,000 (2019: RMB3,000) due in respect of the year ended 31 December 2020 had not been paid over to the plans. The amounts were paid subsequent to the end of the reporting period.

於損益內確認之開支總額約人民幣 338,000元（2019年：人民幣454,000 元）乃本集團須根據計劃法規所定比率向此等計劃作出之供款。於2020年12 月31日，於截至2020年12月31日止年度到期供款為約人民幣3,000元（2019 年：人民幣3,000元）尚未繳入計劃中。該等款項於報告期間結束後已經支付。

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

40. CAPITAL COMMITMENTS

40. 資本承擔

At the end of the reporting period, the Group had the following capital commitments:

於報告期末，本集團有以下資本承擔：

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Capital expenditure contracted for but not 有關下列事項的已訂約但尚
provided in the consolidated financial 未於綜合財務報表內撥備
statements in respect of: 的資本開支：
(i) Capital contribution to Shenhe (i) 向深合創立注資
Chuangli (Note 42) （附註42） 5,000 5,000
(ii) Capital contribution to (ii) 向潮州佳富注資
Chaozhou Jiafu (Note 42) （附註42） 5,938 5,938
(iii) Capital contribution to Shenzhen (iii) 向深圳深合星創
Shenhe Xingchuang Investment 投資發展有限公司
Development Company Limited 注資（附註42）
(Note 42) 1,000 1,000
(iv) Capital contribution to Target (iv) 向目標公司注資
Companies (Note 42) （附註42） 12,635 –
(v) Acquisition of Properties I (v) 收購物業I
(Note 24(a)) （附註24(a)） 3,700 5,700
(vi) Acquisition of San He Jing Jiao (vi) 收購三河京郊
–
(Note 24(b)) （附註24(b)） 211,000
(vii) Acquisition of Target Companies (vii) 收購目標公司
–
(Note 24(c)) （附註24(c)） 15,000
28,273 243,638
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227

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

41. RELATED PARTY TRANSACTIONS

41. 關連方交易

Save as disclosed elsewhere in the consolidated financial statements, the Group had the following significant transactions and balances with related parties during the years as follows:

除已在綜合財務報表別處披露者外，本集團於年內與關連方的重大交易及結餘如下：

(a) During the years ended 31 December 2020 and 2019, the identified related parties which have transaction with the Group were as follows:

(a) 截至2020年及2019年12月31 日止年度，與本集團進行交易的已識別關連方如下：

Name of the Company 企業名稱

Relationships with the Company 與本公司的聯繫

Chung Hwa Finance Holdings Limited 中華信貸集團有限公司

A non-controlling interest of the Group 本集團非控股權益

Beijing Luchuang Future A shareholder of the Group Technology Company Limited 北京力創未來科技有限公司本集團股東

During the years ended 31 December 2020 and 截至2020年及2019年12月31 2019, the Group entered into the following 日止年度，本集團與關連方進 transaction with related party: 行以下交易：

		2020	2019
Name of related party	Nature	RMB’000	RMB’000
關聯方名稱	性質	人民幣千元	人民幣千元

Chung Hwa Finance Holdings Limited Management fee 中華信貸集團有限公司管理費 The Directors are of the opinion that the above transactions were negotiated on a normal commercial terms and conditions that would be available to third party.
		–

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

41. RELATED PARTY TRANSACTIONS (Continued)

41. 關連方交易（續）

(a) (Continued)

(a) （續）

At the end of the reporting period, the balances of related parties are as follows:

於報告期末，關連方的結餘如下：

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2020 2019
RMB’000 RMB’000
Name of related party 關聯方名稱人民幣千元人民幣千元
Amount due to a non-controlling 應付非控股
interest 權益款項
– Chung Hwa Finance Holdings －中華信貸集團
Limited (Note a) 有限公司（附註a） – (2,625)
Amount due to a shareholder 應付一名股東款項
– Beijing Lichuang Future Technology －北京力創未來科技
Company Limited (Note b) 有限公司（附註b） (2,153) (5,219)
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Notes:

a. The above balance is trade in nature, unsecured, non-interest bearing and repayable on demand.
b. The above balance is non-trade in nature, unsecured, non-interest bearing and repayable on demand.

附註：

a. 以上結餘屬貿易性質、無抵押、免息及須按要求償還。
b. 以上結餘屬非貿易性質、無抵押、免息及須按要求償還。

(b) Compensation of key management personnel

(b) 主要管理人員的薪酬

The key management comprises all the Directors, chief executive officer and supervisors, details of their remuneration are disclosed in Note 15 to the consolidated financial statements.

主要管理人員包括全體董事、行政總裁及監事，彼等之薪酬詳情於綜合財務報表附註15披露。

The remuneration of Directors and key executives are determined by the remuneration committee having regard to the performance of individuals and market trends.

董事及主要行政人員的薪酬乃經考慮個人表現及市況後由薪酬委員會釐定。

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2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY

42. 本公司附屬公司詳情

42.1 General information of subsidiaries

42.1 有關附屬公司的一般資料

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below:

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：

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Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Zhongfang Chaozhou# PRC N/A RMB200,000,000 100% 100% – – 100% 100% Property
中房潮州# 中國不適用人民幣200,000,000元 development
物業發展
Chaozhou Construction and PRC N/A RMB1,000,000 – – – 100% – 100% Not commence
Development Company Limited# 中國不適用人民幣1,000,000元 business
(Note vii) 暫無營業
潮州市中創建設開發有限公司#
（附註vii）
Beijing Shen Shang# PRC N/A RMB1,000,000 100% 100% – – 100% 100% Investment holding
北京瀋商# 中國不適用人民幣1,000,000元投資控股
Shenzhen Shen Wu# (Note v) PRC N/A RMB1,000,000 100% 100% – – 100% 100% Inactive
#
深圳沈物（附註v）中國不適用人民幣1,000,000元暫無業務
Shenzhen Juxi Investment and PRC N/A RMB1,000,000 – – 100% 100% 100% 100% Inactive
Development Company Limited# 中國不適用人民幣1,000,000元暫無業務
深圳市聚璽投資發展有限公司#
Shenzhen Shenxi Chuangjian PRC N/A RMB1,000,000 100% – – 100% 100% 100% Investment
Investment and Development 中國不適用人民幣1,000,000元 holding
Company Limited# (Note viii) 投資控股
深圳市沈璽投資發展有限公司#
（附註viii）
Shenhe Chuangli# (Note ii) PRC N/A RMB5,000,000 100% 100% – – 100% 100% Inactive
深合創立# （附註ii）中國不適用人民幣5,000,000元暫無業務
Shenzhen Tong He Chuangjian PRC N/A RMB10,000,000 100% – – 100% 100% 100% Investment
Investment Development 中國不適用人民幣10,000,000元 holding
Company Limited# (Note viii) 投資控股
深圳市同合創建投資發展
有限責任公司（附註# viii）
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230

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

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Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Shenzhen Tai He Chuang Jian PRC N/A RMB1,000,000 100% 100% – – 100% 100% Investment holding
Investment Development 中國不適用人民幣1,000,000元投資控股
Company Limited#
深圳市泰合創建投資發展
有限責任公司#
Shenzhen Ju Sheng# (Note viii) PRC N/A RMB1,000,000 100% – – 100% 100% 100% Investment holding
深圳聚晟（附註viii）# 中國不適用人民幣1,000,000元投資控股
Guangdong Xinmao# PRC N/A RMB10,000,000 – – 90% 90% 90% 90% Not commence
廣東鑫茂# 中國不適用人民幣10,000,000元 business
暫無營業
Chaozhou Jiafu (Note ii) PRC N/A RMB10,000,000 – – 90% 90% 90% 90% Not commence
潮州佳富（附註ii）中國不適用人民幣10,000,000元 business
暫無營業
Kingma Overseas Investment HK Ordinary US$20,000 – – 100% 100% 100% 100% Securities
Development Corporate 香港普通股 20,000美元 investment
Limited (Note v) 證券投資
金馬海外投資發展有限公司
（附註v）
Chung Hwa Finance (Note v) HK Ordinary HK$50,000,000 – – 55% 55% 55% 55% Credit business
中華信貸（附註v）香港普通股 50,000,000港元信貸業務
Kingma International Ltd. (Note v) BVI Ordinary US$1 – – 100% 100% 100% 100% Not commence
金馬國際有限公司（附註v）英屬處女群島普通股 1美元 business
暫無營業
World Ease Investment Limited HK Ordinary HK$1,000 – – 100% 100% 100% 100% Not commence
滙怡投資有限公司香港普通股 1,000港元 business
暫無營業
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231

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 504] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Yufeng# (Note iv) PRC N/A RMB100,000 – – 100% 100% 100% 100% Property investment
北京御風#（附註iv）中國不適用人民幣1,000,000元物業投資
SHHH Development# PRC N/A RMB12,000,000 – – – 66.67% – 66.67% Domestic logistics,
(Note iv and vi) 中國不適用人民幣12,000,000元 freight forwarding,
深圳合輝煌發展# （附註iv及vi） warehousing and
distribution services
國內物流、貨運
代理、倉儲及
分銷服務
Modern Key International Limited BVI Ordinary US$1,000 – – 100% 100% 100% 100% Not commence
現基國際有限公司英屬處女群島普通股 1,000美元 business
暫無營業
Shenzhen Shenhe Xingchuang PRC N/A RMB1,000,000 – – 100% 100% 100% 100% Not commence
Investment Development 中國不適用人民幣1,000,000元 business
Company Limited# 暫無營業
( Note i and ii)
深圳市深合星創投資發展
有限公司# （附註i及ii）
Beijing Herun Wanwu Technology PRC N/A RMB10,000 – – 95% – 95% – Investment holding
Co., Ltd. # (Note ii and iii) 中國不適用人民幣10,000元投資控股
北京和潤萬物科技有限公司#
（附註ii及iii）
Beijing Wanxiang Shengrun Technology PRC N/A RMB10,000 – – 95% – 95% – Investment holding
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元投資控股
北京萬祥盛潤科技有限公司#
（附註ii及iii）
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232

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020

截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 492] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Senyu Haixiao Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京森宇海瀟科技有限公司#
（附註ii及iii）
Jingcheng Nuoyun Technology (Beijing) PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
精誠諾昀科技（北京）有限公司#
（附註ii及iii）
Chenlu Yingban (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd. # (Note ii and iii) 中國不適用人民幣10,000元物業投資
晨露影伴（北京）科技有限公司#
（附註ii及iii）
Beijing Jiangfeng Yucheng Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京江風鈺成科技有限公司#
（附註ii及iii）
Beijing Xianyun Qingyan Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京閒雲清煙科技有限公司#
（附註ii及iii）
Yushu Yanxin (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
魚書雁信（北京）文化傳播有限公司#
（附註ii及iii）
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233

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 481] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Xinyu Xiangzhong Technology (Beijing) PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
新宇向眾科技（北京）有限公司#
（附註ii及iii）
Tianlang Yunqing (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
天朗雲清（北京）科技有限公司#
（附註ii及iii）
Beijing Jinfeng Yishuang Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京金風億爽科技有限公司#
（附註ii及iii）
Beijing Moyu Chenxi Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京墨羽塵曦科技有限公司#
（附註ii及iii）
Yubo Yunxiao (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
雨博韵瀟（北京）科技有限公司#
（附註ii及iii）
Beijing Yunxin Xinyi Business Consulting PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京蘊馨欣怡企業諮詢有限公司#
（附註ii及iii）
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234

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 506] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Xiangche Yunxiao Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京響徹雲霄信息諮詢有限公司#
（附註ii及iii）
Chuyisitu (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
楚怡斯圖（北京）文化傳播有限公司#
（附註ii及iii）
Jiaoyan Ningyu (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
嬌顏寧宇（北京）文化傳播有限任公司#
（附註ii及iii）
Beijing Mifu Huyue Software Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京彌孚滬嗊軟件科技有限公司#
（附註ii及iii）
Shengmeng (Beijing) Technology Co., PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
聖萌（北京）科技有限公司#
（附註ii及iii）
Beijing Zise Meigui Culture Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
北京紫色玫瑰文化有限公司#
（附註ii及iii）
----- End of picture text -----

235

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 504] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Huanantian Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京華南天信息諮詢有限公司#
（附註ii及iii）
Beijing Shitong Technology Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
北京師通科技有限公司#
（附註ii及iii）
Youlin Miaoying Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication (Beijing) Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
幽林妙影文化傳播（北京）有限公司#
（附註ii及iii）
Beijing Huguang Shangmei Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京湖光尚美信息諮詢有限公司#
（附註ii及iii）
Beijing Luoji Suotu Business PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Management Consulting Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京絡基索圖企業管理諮詢有限公司#
（附註ii及iii）
Caibai (Beijing) Information Consulting PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
彩柏（北京）信息諮詢有限公司#
（附註ii及iii）
----- End of picture text -----

236

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020

截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 480] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Helv (Beijing) Technology Development PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
禾綠（北京）科技發展有限公司#
（附註ii及iii）
Beijing Zhengmei Kexin Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京正梅可馨科技有限公司#
（附註ii及iii）
Yiyue Yunwei (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
怡悅雲薇（北京）科技有限公司#
（附註ii及iii）
Qiuyue Xiuzhu (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
秋月秀竹（北京）科技有限公司#
（附註ii及iii）
Beijing Yifangya Technology Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
北京一方亞科技有限公司#
（附註ii及iii）
Haitian Rongyu (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
海天榮于（北京）科技有限公司#
（附註ii及iii）
----- End of picture text -----

237

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 516] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Xinnuan Angyi Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京欣暖昂益科技發展有限公司#
（附註ii及iii）
Beijing Shutong Shucai Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京疏通戍財科技發展有限公司#
（附註ii及iii）
Jiaxin Moran (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
佳心墨然（北京）科技有限公司#
（附註ii及iii）
Yingying Binglv (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
鶯鶯冰綠（北京）科技有限公司#
（附註ii及iii）
Zhiling Aotian (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
芷淩傲天（北京）科技有限公司#
（附註ii及iii）
Beijing Haimeng Zeyou Software PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京海夢澤友軟件開發有限公司#
（附註ii及iii）
----- End of picture text -----

238

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 516] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Fengyu Ruofei Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京鳳玉若飛科技有限公司#
（附註ii及iii）
Beijing Zhongduo Feiyi Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京眾多非一科技有限公司#
（附註ii及iii）
Beijing Qichi Ranxu Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京柒馳然圩科技發展有限公司#
（附註ii及iii）
Shengsu Yinghuai (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
笙愫縈懷（北京）文化傳播有限任公司#
（附註ii及iii）
Xunliu Qianying (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
循硫淺盈（北京）科技發展有限公司#
（附註ii及iii）
Beijing Yiju Wanli Technology Co., PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京宜居萬里科技有限公司#
（附註ii及iii）
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239

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 504] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Haoyong Kuyi (Beijing) Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
顥永酷億（北京）信息諮詢有限公司#
（附註ii及iii）
Miduo (Beijing) Advertisement Design PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
米朵（北京）廣告設計有限公司#
（附註ii及iii）
Beijing Shende Culture Media PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京審德文化傳媒有限公司#
（附註ii及iii）
Beijing Wanwei Tongyuan Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京萬維通元科技發展有限公司#
（附註ii及iii）
Beijing Mingxiangyuan Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京明祥園科技有限公司#
（附註ii及iii）
Beijing Siyuan Information Consulting PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京思園信息諮詢有限公司#
（附註ii及iii）
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240

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020

截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 483] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Danding Technology Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
北京淡定科技有限公司#
（附註ii及iii）
Beijing Dezhi Yunsheng Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京德智雲生科技有限公司#
（附註ii及iii）
Beijing Anran Ruoyu Technology Co., PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京安然若于科技有限公司#
（附註ii及iii）
Liuru Weiyang (Beijing) Technology Co., PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
流如未央（北京）科技有限公司#
（附註ii及iii）
Anrong Shuchang (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
安容舒暢（北京）科技有限公司#
（附註ii及iii）
Weiya Qiaomeng (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd. (Note ii and iii) 中國不適用人民幣10,000元物業投資
微雅巧萌（北京）科技有限公司#
（附註ii及iii）
----- End of picture text -----

241

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 504] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Jieyu Sisi (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
潔雨思思（北京）文化傳播有限公司#
（附註ii及iii）
Bing Ruo Hanfeng (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
冰若寒風（北京）科技有限公司#
（附註ii及iii）
Beijing Mulu Shuheng Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京沐露舒恒文化傳播有限公司#
（附註ii及iii）
Yingmei Qingmei (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
迎梅青玫（北京）科技有限公司#
（附註ii及iii）
Beijing Meiya Miaoyi Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京玫雅妙意科技有限公司#
（附註ii及iii）
Yibai Jingchen (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
依白靜晨（北京）科技有限公司#
（附註ii及iii）
----- End of picture text -----

242

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 492] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Bihai Qingkong (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
碧海晴空（北京）科技有限公司#
（附註ii及iii）
Beijing Yueye Qingkehui Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京月葉清科輝科技有限公司#
（附註ii及iii）
Beijing Yuan Zhi Ai Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京緣之愛戀文化傳播有限公司#
（附註ii及iii）
Xueyu Xiongfeng (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
雪域雄豐（北京）科技有限公司#
（附註ii及iii）
Tiancheng Yongge (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
天橙咏歌（北京）科技有限公司#
（附註ii及iii）
Yunren Jimu (Beijing) Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
韵仁濟沐（北京）信息諮詢有限公司#
（附註ii及iii）
----- End of picture text -----

243

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 506] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Baili Tianyi Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京佰利添翼科技有限公司#
（附註ii及iii）
Beijing Shuyi Anyun Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京舒意安韵文化傳播有限公司#
（附註ii及iii）
Beijing Yongsheng Junpeng Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京永升鈞鵬科技有限公司#
（附註ii及iii）
Beijing Jingmo Ruchu Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京靜墨如初科技發展有限公司#
（附註ii及iii）
Beijing Aiwu Ruohui Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京艾吾若輝科技有限公司#
（附註ii及iii）
Beijing Jinke Xiaoheng Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京金科曉恒科技有限公司#
（附註ii及iii）
----- End of picture text -----

244

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 516] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Xiaoruo Wuchen Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京曉若無塵科技有限公司#
（附註ii及iii）
Weiai Jinqiu (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
唯愛今秋（北京）科技有限公司#
（附註ii及iii）
Beijing Mochun Shijing Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京墨淳詩鏡文化傳播有限公司#
（附註ii及iii）
Beijing Jin Rui Thai Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京金瑞泰信息諮詢有限公司#
（附註ii及iii）
Beijing Xing Power Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京興動力信息諮詢有限公司#
（附註ii及iii）
Baishifei (Beijing) Software Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
百世菲（北京）軟件有限公司#
（附註ii及iii）
----- End of picture text -----

245

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 492] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Suan Ning Meng technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京酸檸檬科技有限公司（附註# ii及iii）
Tengao (Beijing) Technology Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
騰傲（北京）科技有限公司（附註# ii及iii）
Beijing Lianbo Sixin Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京聯播思信科技發展有限公司#
（附註ii及iii）
Zeo (Beijing) Technology Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
杰歐（北京）科技有限公司#
（附註ii及iii）
Beijing Hongyu Tianxia Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京鴻宇天下信息諮詢有限公司#
（附註ii及iii）
Fengxiao Xuanang Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development (Beijing) Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
風蕭軒昂科技發展（北京）有限公司#
（附註ii及iii）
----- End of picture text -----

246

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 492] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Tengqi Ruyue (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
滕琦如月（北京）科技有限公司#
（附註ii及iii）
Beijing Haoran Chujie Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京浩然楚潔科技有限公司#
（附註ii及iii）
Nuoxiang Anya (Beijing) Business PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Management Consulting 中國不適用人民幣10,000元物業投資
Co., Ltd.# (Note ii and iii)
諾翔安雅（北京）企業管理諮詢
有限公司（附註# ii及iii）
Beijing Fengxing Yusi Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Media Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京風行于斯文化傳媒有限公司#
（附註ii及iii）
Beijing Xian Ming Da Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京先明達信息諮詢有限公司#
（附註ii及iii）
Heng Gao Hui (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
恒高輝（北京）科技有限公司#
（附註ii及iii）
----- End of picture text -----

247

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 504] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Jinxi Zhixin Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京瑾汐之心科技有限公司#
（附註ii及iii）
Jinmu Qingteng (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
錦沐青藤（北京）科技有限公司#
（附註ii及iii）
Beijing Chengjia Zhizhen Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京誠家至珍文化傳播有限公司#
（附註ii及iii）
Beijing Baixue Chenyang Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京柏雪辰陽科技有限公司#
（附註ii及iii）
Beian Chuqing (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北岸初晴（北京）文化傳播有限公司#
（附註ii及iii）
Beijing Jinse Jiangyan Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京錦瑟江岩文化有限公司#
（附註ii及iii）
----- End of picture text -----

248

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020

截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 469] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Xiayou Muchun Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京夏游牧春文化傳播有限公司#
（附註ii及iii）
Gubei Qingge (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii )
顧北清歌（北京）文化傳播有限公司#
（附註ii及iii）
Beijing Weifeng Chayun Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京維峰插雲科技有限公司#
（附註ii及iii）
Beijing Bomu Mianyan Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京薄暮綿延文化傳播有限公司#
（附註ii及iii）
Jingtian Xianheng (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
旌添弦恒（北京）科技發展有限公司#
（附註ii及iii）
----- End of picture text -----*

249

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 505] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Zhenlian Sheshe (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
臻聯袂奢（北京）文化傳播有限公司#
（附註ii及iii）
Bowen Zichen (Beijing) Software PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
博文梓晨（北京）軟件有限公司#
（附註ii及iii）
Beijing Wannian Changcun Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京萬年長存科技有限公司#
（附註ii及iii）
Beijing Yong Xiu Yuan Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京永續源科技發展有限公司#
（附註ii及iii）
Tong Tai Hui (Beijing) Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
通泰滙（北京）科技有限公司#
（附註ii及iii）
Beijing Taifu Information Consulting PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京太福信息諮詢有限公司#
（附註ii及iii）
----- End of picture text -----

250

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 493] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Jienuo Jingran Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京潔諾景然科技有限公司#
（附註ii及iii）
Beijing Fanke Nimei Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京凡柯霓美文化傳播有限公司#
（附註ii及iii）
Anlong Qianyu Technology (Beijing) PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd. # (Note ii and iii) 中國不適用人民幣10,000元物業投資
安瓏千語科技（北京）有限公司#
（附註ii及iii）
Beijing Changwen Zhanran Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京唱溫嶄然科技有限公司#
（附註ii及iii）
Beijing Jingxiu Guanqiang Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京競秀貫強科技有限公司#
（附註ii及iii）
Beijing Jinghua Fumeng Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京菁華浮夢科技有限公司#
（附註ii及iii）
----- End of picture text -----

251

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 512] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Chunjuan Runci Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京淳卷潤辭科技發展有限公司#
（附註ii及iii）
Yuyi Fengshuo (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
語翼豐碩（北京）文化傳播有限公司#
（附註ii及iii）
Shengyi Lanxin Cultural Communication PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Beijing) Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
聲逸藍信文化傳播（北京）有限公司#
（附註ii及iii）
Yaoyao Runshu (Beijing) Cultural PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
搖曳潤舒（北京）文化傳播有限公司#
（附註ii及iii）
Beijing Shenwaifan Culture PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Communication Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京神竟然文化傳播有限公司#
（附註ii及iii）
Beijing Mingzhe Zifeng Software PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Technology Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京銘哲梓楓軟件技術有限公司#
（附註ii及iii）
----- End of picture text -----

252

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020

截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.1 General information of subsidiaries (Continued)

42.1 有關附屬公司的一般資料（續）

Details of the subsidiaries directly and indirectly held by the Company at the end of the reporting period are set out below: (Continued)

本公司於報告期末直接及間接持有的附屬公司的詳情載列如下：（續）

==> picture [461 x 468] intentionally omitted <==

----- Start of picture text -----

Place of
incorporation/ Class of Proportion of
registration/ shares Paid-up/issued Proportion ownership interest voting power held Principal
Name of subsidiaries operation held registered capital held by the Company by the Company activities
註冊成立╱登記╱ 已繳足╱發行的本公司持有本公司持有
附屬公司名稱營業地點所持股份類別註冊資本擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2020 2019 2020 2019 2020 2019
Beijing Yuanyi Moju Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京源怡膜聚信息諮詢有限公司#
（附註ii及iii）
Beijing Weijian Yechu Technology PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Development Co., Ltd.# 中國不適用人民幣10,000元物業投資
(Note ii and iii)
北京威健葉楚科技發展有限公司#
（附註ii及iii）
Shaoqi Lingyu (Beijing) Information PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Consulting Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
韶麒零域（北京）信息諮詢有限公司#
（附註ii及iii）
Huizhi Lanxin (Beijing) Business PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Management Consulting 中國不適用人民幣10,000元物業投資
Co., Ltd.# (Note ii and iii)
蕙質蘭心（北京）企業管理諮詢
有限公司（附註# ii及iii）
Beijing Jidu Information Consulting PRC N/A RMB10,000 – – 95% – 95% – Property Investment
Co., Ltd.# (Note ii and iii) 中國不適用人民幣10,000元物業投資
北京及度信息諮詢有限公司#
（附註ii及iii）
Beijing Baida Software Co., Ltd.# PRC N/A RMB10,000 – – 95% – 95% – Property Investment
(Note ii and iii) 中國不適用人民幣10,000元物業投資
北京百答軟件有限公司（附註# ii及iii）
----- End of picture text -----

For identification purpose only
Wholly domestic owned enterprise

253

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42.1 General information of subsidiaries (Continued)

All of the above subsidiaries are limited company which the places of operations are the same as their places of incorporation.

None of the subsidiaries had issued any debt securities outstanding at the end of the reporting period or at any time during the year.

Notes:

(i) It was newly incorporated during the year ended 31 December 2019.
(ii) The registered capital has not been paid up at 31 December 2020.
(iii) It was acquired of during the year ended 31 December 2020. Details are disclosed in Notes 35(a).
(iv) It was acquired of during the year ended 31 December 2019. Details are disclosed in Note 35(b).
(v) These subsidiaries are expected to be sold within twelve months after the year ended December 2020 (Note 13).
(vi) It was disposed of during the year ended 31 December 2020. Details are disclosed in Note 36(a).
(vii) It was deregistered during the year ended 31 December 2020.
(viii) It became the direct wholly-owned subsidiary of the Company due to the group restructuring during the year ended 31 December 2020.

42. 本公司附屬公司詳情（續）

42.1 有關附屬公司的一般資料（續）

所有上述附屬公司均為有限公司，其營業地點與註冊成立地點相同。

概無附屬公司發行任何於報告期末或於年內任何時間未償還的債務證券。

附註：

(i) 其於截至2019年12月31日止年度新註冊成立。
(ii) 於2020年12月31日，註冊資本尚未繳足。
(iii) 其已於截至2020年12月31日止年度收購。詳情載於附註35(a)。
(iv) 其已於截至2019年12月31日止年度收購。詳情載於附註35(b)。
(v) 該等附屬公司預期將於截至2020年 12月止年度後十二個月內售出（附註 13）。
(vi) 其於截至2020年12月31日止年度被出售。詳情載於附註36(b)。
(vii) 其於2020年12月31日註銷。
(viii) 該公司因集團重組而於截至2020年 12月31日止年度成為本公司的直接擁全資附屬公司。

254

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF PRINCIPAL SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.2 Details of non-wholly owned subsidiaries that have material non-controlling interests

42.2 擁有重大非控股權益的非全資附屬公司的詳情

The table below shows details of non-whollyowned subsidiary of the Group that have material non-controlling interests:

下表載列本集團擁有重大非控股權益的非全資附屬公司的詳情：

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----- Start of picture text -----

Place of Proportion of
incorporation ownership interest and
and principal voting rights held by (Loss) profit allocated to Accumulated
Name of subsidiary place of business non-controlling interests non-controlling interests non-controlling interests
註冊成立地點及非控股權益持有擁有權權益及分配至非控股權益的
附屬公司名稱主要營業地點投票權比例（虧損）溢利累計非控股權益
2020 2019 2020 2019 2020 2019
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Chung Hwa Finance (Note i) HK 45% 45% (4,635) (2,823) 6,535 12,231
中華信貸（附註i）香港
SHHH Development (Note ii) PRC – 33.33% (258) (2,519) – 74,969
深圳合輝煌發展（附註ii）中國
Individually immaterial (3,704) (49) 158 1,388
subsidiaries with
non-controlling interest
擁有非控股權的個別
不重要附屬公司
(8,597) (5,391) 6,693 88,588
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255

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.2 Details of non-wholly owned subsidiaries that have material non-controlling interests (Continued)

42.2 擁有重大非控股權益的非全資附屬公司的詳情（續）

Notes:

(i) On 31 December 2020, the Company entered into the disposal agreement with the Purchaser I, whereby the Purchaser I has conditionally agreed to purchase and the Company has conditionally agreed to sell the entire equity interest of Shenzhen Shen Wu and its wholly-owned subsidiaries, which include Chung Hwa Finance. Details of the assets and liabilities attributable to Chung Hwa Finance are disclosed on Note 13(a).
(ii) On 4 July 2019, Shenzhen Shenxi entered into the disposal agreement with the Purchaser III, whereby the Purchaser III has conditionally agreed to purchase and Shenzhen Shenxi has conditionally agreed to sell 66.67% equity interests and the shareholder’s loan of SHHH Development at the consideration of RMB173,000,000. The disposal was completed on 15 November 2020. Details of the assets and liabilities attributable to SHHH Development are disclosed on Note 36(a).

附註：

(i) 於2020年12月31日，本公司與買方I 訂立出售協議，據此，買方I有條件同意購買而本公司有條件同意出售深圳沈物及其全資附屬公司（包括中華信貸）全部股權。有關中華信貸應佔資產及負債的詳情於附註13（a）披露。
(ii) 於2019年7月4日，深圳沈璽與買方 III訂立出售協議，據此，買方III有條件同意購買而深圳沈璽有條件同意出售深圳合輝煌發展66.67%股權及股東貸款，代價為人民幣173,000,000 元。該出售事項已於2020年11月15 日完成。有關深圳合輝煌發展應佔資產及負債的詳情於附註36(a)披露。

Summarised financial information in respect of the Group’s subsidiaries that have material non-controlling interests is set out below. The summarised financial information below represents amounts before intra-group eliminations.

有關本集團擁有重大非控股權益的附屬公司的財務資料概要載述如下。以下財務資料概要指集團內公司間對銷前的金額。

Chung Hwa Finance

中華信貸

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2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Current assets 流動資產 340,971 375,495
Non-current assets 非流動資產 – –
Current liabilities 流動負債 (315,248) (337,114)
Non-current liabilities 非流動負債 – –
Equity attributable to owners of 本公司擁有人應佔
the Company (Note a) 權益（附註a） 19,188 26,150
Non-controlling interests of 中華信貸的非控股
Chung Hwa Finance (Note b) 權益（附註b） 6,535 12,231
----- End of picture text -----

256

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.2 Details of non-wholly owned subsidiaries that have material non-controlling interests (Continued)

42.2 擁有重大非控股權益的非全資附屬公司的詳情（續）

Chung Hwa Finance (Continued)

中華信貸（續）

Notes:

(a) On 2 December 2019, Chung Hwa Finance declared a dividend with approximately RMB20,153,000 (equivalent to HK$22,867,252) to its shareholders. (b) As per the capital contribution agreement, noncontrolling interest will not share the pre-acquisition reserve of approximately RMB11,198,000.

附註：

(a) 於2019年12月2日，中華信貸向其股東宣派股息約人民幣 20,153,000 元（相當於22,867,252港元）。 (b) 根據注資協議，非控股權益將不會分佔收購前儲備約人民幣 11,198,000 元。

==> picture [404 x 424] intentionally omitted <==

----- Start of picture text -----

2020 2019
RMB’000 RMB’000
人民幣千元人民幣千元
Revenue 收益 – 4,537
Expenses 開支 (10,300) (10,806)
Loss for the year 年內虧損 (10,300) (6,269)
Loss attributable to owners of the 本公司擁有人
Company 應佔虧損 (5,665) (3,449)
Loss attributable to the non-controlling 中華信貸非控股權益
interests of Chung Hwa Finance 應佔虧損 (4,635) (2,820)
Loss for the year 年內虧損 (10,300) (6,269)
Other comprehensive (expenses) income 本公司擁有人應佔
attributable to owners of the Company 其他全面（開支）收入 (1,297) 448
Other comprehensive (expenses) income 中華信貸非控股權益
attributable to the non-controlling 應佔其他全面（開支）
interests of Chung Hwa Finance 收入 (1,061) 361
Other comprehensive (expenses) income 年內其他（開支）
for the year 全面收入 (2,358) 809
Total comprehensive expense attributable 本公司擁有人應佔全面
to owners of the Company 開支總額 (6,962) (3,001)
Total comprehensive expense attributable 中華信貸非控股
to the non-controlling interests of Chung 權益應佔全面
Hwa Finance 開支總額 (5,696) (2,459)
Total comprehensive expense for the year 年內全面開支總額 (12,658) (5,460)
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257

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.2 Details of non-wholly owned subsidiaries that have material non-controlling interests (Continued)

42.2 擁有重大非控股權益的非全資附屬公司的詳情（續）

Chung Hwa Finance (Continued)

中華信貸（續）

		2020	2019
		RMB’000	RMB’000
		人民幣千元	人民幣千元

Dividend paid to non-controlling interests of Chung Hwa Finance Net cash inflow (outflow) from operating activities Net cash inflow from investing activities Net cash (outflow) inflow from financing activities Net cash inflow (outflow) *SHHH Development*	已付予中華信貸非控股權益的股息經營活動現金流入（流出）淨額投資活動現金流入淨額融資活動現金（流出）流入淨額現金流入（流出）淨額
		–

		39

		–

		(27)

		12
			2019
			RMB’000
			人民幣千元

Current assets Non-current assets Current liabilities Non-current liabilities Equity attributable to owners of the Company (Note a) Non-controlling interests of SHHH Development	流動資產非流動資產流動負債非流動負債本公司擁有人應佔權益（附註a）深圳合輝煌發展非控股權益		8,147 231,307 (14,525) – 149,960 74,969

258

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

42. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (Continued)

42. 本公司附屬公司詳情（續）

42.2 Details of non-wholly owned subsidiaries that have material non-controlling interests (Continued)
42.2 擁有重大非控股權益的非全資附屬公司的詳情（續）

SHHH Development (Continued)

深圳合輝煌發展（續）

			From 1 January 2020 to 30 November 2020 (date of disposal) 2019	From 1 January 2020 to 30 November 2020 (date of disposal) 2019
			2020年 1月1日至 2020年 11月30日（出售日期） 2019年
			RMB’000	RMB’000
			人民幣千元	人民幣千元

Revenue Expenses Loss and total comprehensive expense for the year Loss and total comprehensive expense attributable to owners of the Company Loss and total comprehensive expense attributable to the non-controlling interests of SHHH Development Loss and total comprehensive expense for the year	收益開支年內虧損及全面開支總額本公司擁有人應佔虧損及全面開支總額深圳合輝煌發展非控股權益應佔虧損及全面開支總額年內虧損及全面開支總額			– (7,558) (7,558) (5,039) (2,519) (7,558)
			–

			(772)

			(772)

			(514)
			(258)

			(772)

				2019
				RMB’000
				人民幣千元

Dividend paid to non-controlling interests Net cash outflow from operating activities Net cash inflow from investing activities Net cash inflow from financing activities Net cash outflow		已付予非控股權益的股息經營活動現金流出淨額投資活動現金流入淨額融資活動現金流入淨額現金流出淨額		– (76) – – (76)

259

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020

截至2020年12月31日止年度

43. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY

43. 本公司財務狀況及儲備表

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----- Start of picture text -----

2020 2019
Note RMB’000 RMB’000
附註人民幣千元人民幣千元
NON-CURRENT ASSETS 非流動資產
Investments in subsidiaries 於附屬公司的投資 259,698 248,698
Deferred tax assets 遞延稅項資產 31 31
259,729 248,729
CURRENT ASSETS 流動資產
Amounts due from subsidiaries 應收附屬公司款項 96,838 99,698
Other receivables 其他應收款項 28,022 33,066
Bank balances and cash 銀行結餘及現金 113 649
124,973 133,413
Assets classified as held for sale 分類為持作銷售的資產 1,000 –
125,973 133,413
CURRENT LIABILITIES 流動負債
其他應付款項及
Other payables and accruals 應計費用 32,649 34,950
Amount due to a subsidiary 應付一間附屬公司款項 261,563 245,100
Tax liabilities 稅項負債 4,799 4,799
299,011 284,849
NET CURRENT LIABILITIES 流動負債產淨值 (173,038) (151,436)
NET ASSETS 資產淨值 86,691 97,293
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 1,469,376 1,469,376
Reserves 儲備 (a) (1,382,685) (1,372,083)
TOTAL EQUITY 總權益 86,691 97,293
----- End of picture text -----

The Company’s statement of financial position was approved and authorised for issue by the Board on 31 March 2021 and are signed on its behalf by:

本公司的財務狀況表，經董事會於 2020年3月31日核准及授權發出，並由下列董事代表簽署：

Zhang Jing Ming 張敬明 Director 董事

Leng Xiao Rong

冷小榮 Director 董事

260

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

43. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY (Continued)

43. 本公司財務狀況及儲備表（續）

Note:

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----- Start of picture text -----

Note: 附註：
(a) Reserves (a) 儲備
Statutory
Share surplus Accumulated
premium reserve losses Total
法定盈餘
股份溢價儲備累計虧損總計
RMB'000 RMB'000 RMB'000 RMB'000
人民幣千元人民幣千元人民幣千元人民幣千元
At 1 January 2019 於2019年1月1日 320,476 103,215 (1,413,109) (989,418)
Loss and total comprehensive expense 年內虧損及全面開支總額
for the year – – (382,665) (382,665)
At 31 December 2019 於2019年12月31日 320,476 103,215 (1,795,774) (1,372,083)
Loss and total comprehensive expense 年內虧損及
for the year 全面開支總額 – – (10,602) (10,602)
At 31 December 2020 於 2020 年 12 月 31 日 320,476 103,215 (1,806,376) (1,382,685)
----- End of picture text -----

44. EVENTS AFTER THE END OF THE REPORTING PERIOD

44. 報告期後事項

(i) Completion of the acquisition of the Properties II

(i) 完成物業 II 收購

The acquisition of the Properties II has been completed on 16 March 2021, details of which are disclosed in Note 24 (b).

物業II的收購已於2021年3月16 日完成，詳情於附註24(b)中披露。

(ii) Completion of the acquisition of Shennongjia

(ii) 完成神農架收購

The acquisition of the Shennongjia has been completed on 15 March 2021, details of which are disclosed in Note 24 (d).

神農架的收購已於2021年3月 15日完成，詳情於附註24(d)中披露。

(iii) Disposal of Guangdong Xinmao

(iii) 出售廣東鑫茂

On 15 January 2021, Shenzhen Tong He entered into a disposal agreement with an independent third party (the “Purchaser V”), pursuant to which Shenzhen Tong He agreed to sell the entire 90% equity interests of Guangdong Xinmao and shareholder loan of approximately RMB13,883,000 to the Purchaser V at a consideration of RMB9,990,000. The disposal was completed on 2 February 2021.

於2021年1月15日，深圳同和與獨立第三方（「買方V」）訂立出售協議，據此，深圳同和同意向買方V出售廣東鑫茂全部 90%股權及股東貸款約人民幣 13,883,000元，代價為人民幣 9,990,000 元。出售已於 2021 年2月2日完成。

261

2020年報 瀋陽公用發展股份有限公司

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

45. RECONCILIATION OF LIABILITIES ARISING FROM FINANCIAL ACTIVITIES

45. 因融資活動產生負債的對賬

The table below details changes in the Groups’ liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.

下表載列本集團因融資活動產生負債的變動（包括現金及非現金變動）詳情。因融資活動產生負債為過往或日後將於本集團綜合現金流量表分類為融資活動所得現金流量的現金流量。

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----- Start of picture text -----

Amount
Lease due to a
liabilities shareholder Total
應付一名
租賃負債股東款項共計
RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元
----- End of picture text -----

At 1 January 2019
於2019年1月1日
Non-cash changes
非現金變動
Finance cost
融資成本
Changes from cash flow
現金流量變動
Advance from a shareholder
預收一名股東款項
Repayment of leases liabilities
償還租賃負債
At 31 December 2019
於2019年12月31日
Non-cash changes
非現金變動
Finance cost
融資成本
Rent concession
租金寬減
Addition of right-of-use assets
使用權資產添置
Changes from cash flow
現金流量變動
Repayment to a shareholder
償還一名股東款項
Repayment of leases liabilities
償還租賃負債
At 31 December 2020
於2020年12月31日

1,904
1,540
3,444
53
–
53
–
3,679
3,679
(939)
–
(939)
1,018
5,219
6,237
31
–
31
(145)
–
(145)
571
–
571
–
(3,066)
(3,066)
(799)
–
(799)
676
2,153
2,829

262

Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Notes to the Consolidated Financial Statements 綜合財務報表附註

For the year ended 31 December 2020 截至2020年12月31日止年度

46. MAJOR NON-CASH TRANSACTIONS

46. 主要非現金交易

During the year ended 31 December 2020

截至 2020 年 12 月 31 日止年度

(i) The deposit paid for acquisition of the Properties II of RMB110,000,000 have been settled by the deposit paid for the acquisition of San He Jing Jiao (Note 24(b)).
(i) 就收購物業II所支付的訂金人民幣 110,000,000 元以就收購三河京郊（附註24(b)）所支付的訂金抵銷。

During the year ended 31 December 2019

截至 2019 年 12 月 31 日止年度

(i) Part of the consideration for acquisition of the Target Companies of RMB56,000,000 have been settled by the outstanding loan and interest receivables of RMB56,000,000.
(i) 就收購目標公司的部分代價人民幣 56,000,000 元以尚未償還應收貸款及利息人民幣 56,000,000元抵銷。
(ii) Part of the consideration for the acquisition of San He Jing Jiao (Note 24(b)) of RMB110,000,000 have been settled by the deposit paid for acquisition of Properties II (Note 24(b)).
(ii) 就收購三河京郊（附註24(b)）的部分代價人民幣 110,000,000 元以就收購物業II（附註24(b)）所支付的訂金抵銷。
(iii) Other receivables of approximately RMB8,711,000 have been off-set by payable for construction cost of office.
(iii) 其他應收款約人民幣8,711,000 元以就辦公室建築成本的應付款項抵銷。

263

2020年報 瀋陽公用發展股份有限公司

Financial Summary 財務摘要

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

綜合損益表

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----- Start of picture text -----

2020 2019 2018 2017 2016
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
(Restated)
（經重列）
Revenue 收益 7,008 22,023 80,091 15,499 108,370
Sales taxes on turnover 營業額銷售稅 – – – – (468)
Cost of sales 銷售成本 (6,666) (21,127) (64,966) (2,066) (78,707)
Other income 其他收入 3,006 1,316 257 3,013 538
Impairment losses under expected 預期信貸虧損模型下的
– –
credit loss model, net of reversal 減值虧損，扣除撥回 (10,504) (71,111) (57,416)
Impairment loss recognised 就物業、廠房及設備確認
in respect of property, 的減值虧損
– – – –
plant and equipment (36,380)
– –
Impairment losses on goodwill 商譽之減值虧損 (1,320) (24,459) (20,000)
Impairment losses recognised in 就於一間聯營公司權益
– – – –
respect of interest in an associate 確認之減值虧損 (3,561)
Finance cost 融資成本 (31) (53) – – (51)
Exchange gain (loss), net 匯兌收益（虧損）淨額 1,993 90 1,532 (9,861) 16,898
Loss on disposal of convertible 出售指定為按公允價值
instruments designed as 計入損益之財務資產的
financial asset as fair value 可換股工具的虧損
– – – –
through profit or loss (1,141)
Loss from charge in fair value of 持作買賣投資之公允價值
– – –
held-for-trading investments 變動的虧損 (42) (30)
Loss from change in fair value of 計入損益的固定資產
– – – –
fixed assets through profit or loss 公允價值變動的虧損 (30)
Loss from changes in fair value of 投資物業公允價值變動的
– – –
investment properties 虧損 (428) (730)
Gain (loss) on disposal of 出售附屬公司的收益
subsidiaries, net （虧損）淨額 15,554 1,072 46 (2,003) –
Loss on disposal of held-for trading 出售持作買賣投資的
investments 虧損 – – – – (993)
Other operating expenses 其他經營開支 (11,434) (13,553) (9,536) (8,533) (8,864)
Share of (loss) profit of an associate 應佔一間聯營公司
（虧損）溢利 – (8,548) (85,940) 738 41
(Loss) profit before tax 除稅前（虧損）溢利 (37,882) (90,621) (137,282) (27,714) 12,032
Income tax expenses 所得稅開支 (96) (90) (1,779) (1,877) (5,881)
Loss for the year 來自持續經營業務之
from continuing operations 年內虧損 (37,978) (90,711) (139,061) (29,591) 6,151
Loss for the year 來自已終止經營業務之
– – –
from discontinued operations 年內虧損 (10,300) (3,729)
Non-controlling interests 非控股權益 8,597 5,391 154 3,241 3,802
(Loss) profit attributable to 本公司擁有人應佔
owners of the Company （虧損）溢利 (39,681) (89,049) (139,215) (32,832) 2,349
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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Financial Summary 財務摘要

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

綜合財務狀況表

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2020 2019 2018 2017 2016
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Non-current assets 非流動資產 513,724 451,327 557,519 617,871 516,734
Current assets 流動資產 384,406 545,084 629,473 524,968 755,668
Current liabilities 流動負債 213,401 188,634 (297,059) (116,228) (151,734)
Net current assets 流動資產淨值 171,005 356,450 332,414 408,740 603,934
Total assets less current 總資產減流動負債
liabilities 684,729 80,777 889,933 1,026,611 1,120,668
Non-current liability 非流動負債 – 264 – – –
Net assets 資產淨值 684,729 807,513 889,933 1,026,611 1,120,688
Capital and reserves: 資本及儲備：
Share capital 股本 1,469,376 1,469,376 1,469,376 1,469,376 1,469,376
Reserves 儲備 (791,340) (750,451) (604,640) (468,260) (433,975)
Equity attributable 本公司擁有人
to owners of 應佔權益
the Company 678,036 718,925 864,736 1,001,116 1,035,401
Non-controlling interests 非控股權益 6,693 88,588 25,197 25,495 85,267
Total equity 總權益 684,729 807,513 889,933 1,026,611 1,120,668
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Particulars of the Investment Property 投資物業詳情

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----- Start of picture text -----

PROPERTY HELD FOR INVESTMENT 持作投資物業
Location Type Lease term
地點類別租期
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Shop of No. 15 Guang An Road,	Commercial	Medium-term lease
No. 138 He Sha Road,
Da Tan Sha Island, Li Wan District,
Guangzhou City,
Guangzhou Province,
The PRC
中國廣東省廣州市荔灣區	商業	中期租約
大坦沙島河沙路138號
廣安路15號商舖
125 office units of	Commercial	Medium-term lease
Yue Condo,Greenland Ark,
Court No.10 Zhouxiu Street North,
Fangshan District,
Beijing City,
The PRC
位於中國北京市	商業	中期租約
房山區卓秀北街10號院
綠地諾亞方舟悅公館
125套寫字樓

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

Glossary 專用詞彙

In this report (other than the Financial Statements), unless the context otherwise requires, the following expressions shall have the following respective meanings.

於本報告（財務報表除外），除文義另有所指，以下詞彙具有以下涵義。

“2019 Corresponding Period” for the year ended 31 December 2019 「2019年同期」截至2019年12月31日止年度 “2020 Financial Year” for the year ended 31 December 2020 「2020年財政年度」截至2020年12月31日止年度 “Articles” The Articles of Association of the Company 「公司章程」本公司組織章程細則 “Beijing Hua Xia Ding” Beijing Hua Xia Ding Technology Company Limited 「北京華夏鼎」北京華夏鼎科技有限公司 “Beijing Lichuang Future” Beijing Lichuang Future Technology Company Limited 「北京力創未來」北京力創未來科技有限公司 “Beijing Shen Shang” Beijing Shen Shang Investment & Consulting Company Limited, a wholly-owned subsidiary of the Company 「北京瀋商」北京瀋商投資諮詢有限公司，本公司之全資附屬公司 “Beijing Zhong Tou” Beijing Zhong Tou Chuang Zhan Property Limited 「北京中投」北京中投創展置業有限公司 “Board” the board of Directors 「董事會」董事會 “Chaozhou Jiafu” Chaozhou Jiafu Packaging Materials Company Limited 「潮州佳富」潮州市佳富包裝材料有限公司 “Chaozhou Jinshan” Chaozhou Jinshan Investment and Development Company Limited 「潮州金山」潮州市金山投資開發有限公司 “Chung Hwa Finance” Chung Hwa Finance Limited (formerly known as Newpont Finance Limited), a licensed money lender in Hong Kong under the Money Lenders Ordinance 「中華信貸」中華信貸有限公司（前稱新邦信貸有限公司），根據《放債人條例》的香港持牌放債人 “Company” Shenyang Public Utility Holdings Company Limited 「本公司」瀋陽公用發展股份有限公司 “Director(s)” the directors of the Company 「董事」本公司董事 “Domestic Shares” domestic shares with a nominal value of RMB1 each in the share capital of the Company which are subscribed for in RMB 「內資股」本公司股本中每股面值人民幣1元的內資股，以人民幣認購 “Group” the Company and its subsidiaries 「本集團」本公司及其附屬公司 “Guangdong Xinmao” Guangdong Xinmao Biotechnology Company Limited 「廣東鑫茂」廣東鑫茂生物科技有限公司 “Guangzhou Leyou” Guangzhou Leyou Internet Technology Co., Ltd 「廣州樂游」廣州樂游互聯網科技有限公司 “Hai Yue Real Estate” Guangzhou Hai Yue Real Estate Development Company Limited 「海粵房地產」廣州海粵房地產發展有限公司 “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China 「香港」中華人民共和國香港特別行政區 “Hou Feng Trading” Hou Feng Trading Company Limited* 「厚豐貿易」深圳市厚豐貿易有限公司 “H-Shares” overseas listed foreign ordinary share(s) of the Company with a nominal value of RMB1 each, all of which are listed on the main board of the Stock Exchange and subscribed for and traded in Hong Kong dollars

「H股」本公司每股面值人民幣1元之境外上市外資普通股，全部在聯交所主板上市及以港元認購及買賣 “Independent Third Party(ies)” the independent third party(ies) who is/are, to the best of the Directors’ knowledge, information and belief having made all reasonable enquiry, independent of the Company and its connected persons (as defined under the Listing Rules)

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2020年報 瀋陽公用發展股份有限公司

Glossary 專用詞彙

「獨立第三方」

“Listing Rules” 「上市規則」 “Model Code” 「標準守則」 “PRC” 「中國」 “RMB” 「人民幣」 “San He Jing Jiao” 「三河京郊」 “SFO” 「證券及期貨條例」

“Share” 「股份」 “Shareholders” 「股東」 “Shennongjia Hotel” 「神農架賓館」 “Shen Wu Investment”

「沈物投資」

“Shenzhen Shen He” 「深圳沈和」 “Shenzhen Shenhe” 「深圳深合」 “Shenzhen Shenxi”

「深圳沈璽」 “Shenzhen Tong He”

「深圳同合」

“Shenzhen Wan Zhong Run Long” 「深圳萬眾潤隆」 “SHHH Development” 「深圳合輝煌發展」

“Shishi Shen Guo Tou”

「石獅深國投」

“Stock Exchange” 「聯交所」

“Tai He Chuang Jian”

「泰合創建」

“Shenzhen Ju Sheng”

「深圳聚晟」

“Zhongfang Chaozhou” 「中房潮州」

“Zhongfang Chaozhou Jing Nan Industrial Park Project”

「中房潮州徑南工業園項目」 “Zhong De Logistics” 「眾德物流」

For identification purpose only

於作出一切合理查詢後，就董事深知、得悉及確信，獨立於本公司及其關連人士（定義見上市規則）的獨立第三方 the Rules Governing the Listing of Securities on the Stock Exchange 聯交所證券上市規則 Model Code for Securities Transactions by Directors of Listed Issuers 上市發行人董事進行證券交易的標準守則 the People’s Republic of China 中華人民共和國 Renminbi, the lawful currency of the PRC 中國法定貨幣人民幣 San He Jing Jiao Property Development Company Limited 三河京郊房地產開發有限公司 Securities and Futures Ordinance (Chapter 571 of the law of Hong Kong) 證券及期貨條例（香港法例571章） H-Share(s) and Domestic Share(s) H股及內資股 holders of the H-Shares and Domestic Shares H股及內資股持有人 Shennongjia Da Jiu Hu Hotel Company Limited 神農架大九湖賓館有限公司 Shenzhen Shen Wu Investment & Development Company Limited, a whollyowned subsidiary of the Company 深圳市沈物投資發展有限公司，本公司之全資附屬公司 Shenzhen Shen He Chuang Jian Investment Development Company Limited 深圳市沈和創建投資發展有限公司 Shenzhen Shenhe Chuangli Investment and Development Company Limited 深圳市深合創立投資發展有限公司 Shenzhen Shenxi Investment & Development Company Limited, a whollyowned subsidiary of the Company 深圳市沈璽投資發展有限公司，本公司全資附屬公司 Shenzhen Tong He Chuangjian Investment Development Company Limited, a wholly-owned subsidiary of the Company 深圳市同合創建投資發展有限責任公司，本公司全資附屬公司

Shenzhen Wan Zhong Run Long Investment Company Limited 深圳市萬眾潤隆投資有限公司 Shenzhen He Hui Huang Development Company Limited 深圳市合輝煌發展有限公司 Shishi Shen Guo Tou Commercial Property Company Limited*, an associate of the Company

石獅深國投商用置業有限公司，本公司之聯營公司 The Stock Exchange of Hong Kong Limited 香港聯合交易所有限公司

Shenzhen Tai He Chuang Jian Investment Development Company Limited*, a wholly-owned subsidiary of the Company

深圳市泰合創建投資發展有限責任公司，本公司之全資附屬公司 Shenzhen Ju Sheng Chuangjiang Investment Development Company, a whollyowned subsidiary of the Company 深圳市聚晟創建投資發展有限公司 Zhongfang Chaozhou Investment Development Company Limited 中房潮州投資開發有限公司

an infrastructure construction project in Jing Nan Industrial Park, in Chaozhou

位於潮州徑南工業園的基礎設施建設項目 Shenzhen Zhong De Logistics Company Limited* 深圳市眾德物流有限公司

僅供識別

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Annual Report 2020 Shenyang Public Utility Holdings Company Limited

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AI assistant

CMON Limited — Annual Report 2020

50172_rns_2021-04-28_75d48242-8ac2-47ef-90d0-db6b19e59b9c.pdf

SHENYANG PUBLIC UTILITY HOLDINGS COMPANY LIMITED 瀋陽公用發展股份有限公司

Contents 目錄

DIRECTORS

Executive Directors

Non-executive Directors

Independent Non-executive Directors

CHIEF EXECUTIVE OFFICER

AUDIT COMMITTEE

REMUNERATION COMMITTEE

NOMINATION COMMITTEE

SUPERVISORS

獨立非執行董事

REGISTERED OFFICE

BUSINESS PREMISE

JOINT COMPANY SECRETARIES

AUTHORISED REPRESENTATIVES

AUDITOR

H SHARE REGISTRAR AND TRANSFER OFFICE

PRINCIPAL BANKERS

STOCK CODE

WEBSITE

經營地點

授權代表

網址

Dear Shareholders,

BUSINESS REVIEW

尊敬的各位股東：

業務回顧及分析

COMPREHENSIVE DEVELOPMENT

綜合發展

RISK MANAGEMENT

FUTURE PROSPECTS

風險管理

前景展望

張敬明

FINANCIAL REVIEW

財務回顧

Income Tax Expenses

Loss Per Share

所得稅開支

每股虧損

BUSINESS REVIEW

Infrastructure Construction Business

Credit Business

Property Investment Business

業務回顧

基礎設施建設業務

信貸業務

物業投資業務

BUSINESS PROSPECTS

LIQUIDITY AND FINANCIAL RESOURCES

業務展望

流動資金與財務資源

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATES

Pre-acquisition of property in Beijing PRC

重大收購及出售附屬及聯營公司

預購於中國北京的物業

於本報告日期，該交易仍在進行當中。

Adjustment to the transaction model of acquisition of properties in Hebei Province

調整收購河北省物業交易模型

Disposal of 66.67% equity interest of SHHH Development and shareholders’ loan

出售深圳合輝煌發展 66.67% 股權及股東貸款

Acquisition of 95% equity interest of the 8 PRC Companies

Acquisition of 60% equity interest of Shennongjia Hotel

收購八家中國公司 95% 股權

收購神農架賓館 60% 股權

Disposal of 100% of equity interest in Shen Wu Investment

ADVANCE TO AN ENTITY

出售沈物投資 100% 股權

向實體墊款

OTHER INVESTMENTS AND TRANSACTIONS

Disposal of 20% equity interest in Hai Yue Real Estate

其他投資與交易

出售海粵房地產 20% 股權

Acquisition of 34,420,335 shares of Chaozhou Rural Credit Cooperative 潮州市區農村信用合作聯社 by Zhongfang Chaozhou*

Provision of loans to Guangzhou Leyou

向廣州樂游提供借款

CMON Limited Annual Report 2020

Acquisition of 34,420,335 shares of Chaozhou Rural Credit Cooperative 潮州市區農村信用合作聯社 *by Zhongfang Chaozhou**

僱員人數、薪酬、培訓計劃及購股權計劃

董事、最高行政人員及監事於本公司股份的權益及淡倉